Why KeyBanc Remains Bullish on Amazon (AMZN) After AWS re:Invent

Amazon.com, Inc. (NASDAQ:AMZN) is one of the Must-Watch AI Stocks on Wall Street. On December 5, KeyBanc analyst Justin Patterson reiterated an “Overweight” rating on the stock with a $303.00 price target.

The rating affirmation reflects firm optimism post AWS re:Invent, with analysts signaling confidence in AWS momentum and long-term AI growth.

KeyBanc is particularly encouraged by Amazon’s efforts to provide more flexible AI offerings, from models to silicon deployments.

Customers have always been valuing having choices at AWS, with recent feedback showing that reception to AWS is improving.

“With capacity ramping over the next two years, we remain comfortable with our forecast for +21% y/y growth into 2026E. We maintain our OW rating and $303 PT (31.5× 2027E P/E).”

Amazon.com Inc. (AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions.

While we acknowledge the potential of AMZN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 AI Stocks Making Headlines on Wall Street and 12 Must-Watch AI Stocks on Wall Street. 

Disclosure: None.