Amazon Looks Stuck-So Why Do Analysts Keep Calling for $300?

Shares of tech giant Amazon.com Inc. (NASDAQ: AMZN) closed just under $230 on Monday, a level that neatly captures the tension surrounding the stock right now.

Shares are still up about 40% from April’s lows, yet they remain more than 10% below the November high that briefly looked like the start of a major breakout. 

Bear in mind, this is a stock that is trading right around the same level it started the year at. Against that lacklustre backdrop, a growing number of bullish updates raises a simple question—if so many analysts see Amazon as a $300 stock, how come it’s taking so long to get there? 

Why Analysts Keep Pointing to $300

The latest round of bullish updates suggests investors have a lot to look forward to in the coming months, even if the stock isn’t acting like it. The team at BMO Capital Markets reiterated its Outperform rating just last week while raising its price target to $304. That update followed similar moves from Cowen and JPMorgan earlier this month, both of which reiterated Buy ratings with price targets of $300 and $305, respectively.

Longer-term readers of MarketBeat will know these are not isolated opinions. They reflect a broader view that Amazon’s long-term earnings power remains underappreciated at current levels. As they have for much of the year, analysts continue to point to improving operating leverage, steady growth in higher-margin segments, and a core retail business that looks more disciplined than it has in years. Importantly, these calls have come despite the stock already being well off its April lows, suggesting analysts are comfortable leaning bullish even after a strong run.

What stands out is not just the targets themselves, but the timing of them. These latest updates arrived after Amazon failed to hold its November highs, a moment when it would have been easy to strike a more cautious tone. Instead, analysts have been doubling down, and that behavior matters. It signals confidence that recent consolidation is not a sign of fundamental weakness, but part of a larger setup.

Why the Stock Still Isn’t Moving

For all that optimism, however, the stock’s price action tells a different story. Amazon has, aside from a few sharp moves in either direction, been trading in a narrowing range for months, with each rally attempt stalling and each pullback finding support. Since July, the chart has been defined by consolidation rather than momentum, aside from that brief post-earnings pop in November, which quickly faded.

That kind of behavior often reflects a market waiting for confirmation. Investors are not rushing for the exits, but they are also not willing to chase the stock higher without a clearer catalyst. It could be that after a 40% rally since the spring, expectations are higher, and incremental upside now requires evidence rather than assumption.

There is also a timing element at play. Amazon’s story is increasingly framed around medium-term execution rather than immediate acceleration. That makes the stock less reactive to individual analyst notes and more sensitive to proof points that show margin improvement and growth durability are translating into sustained earnings power. Until that happens, the market appears content to let the range tighten.

What Could Finally Unlock the Next Leg Higher

This is where the narrowing range becomes important. Periods of prolonged consolidation often precede larger moves, particularly when they follow a strong advance rather than a decline. In Amazon’s case, the stock is digesting gains rather than giving them back, which is typically a constructive sign.

Off the back of this, the recent analyst updates help frame the likely direction of travel once the stock starts to move with some conviction again. With multiple firms anchoring their views around the $300 mark, the balance of opinion is clearly skewed higher, as much as 30% higher from current levels. That obviously does not guarantee a breakout to the upside, but it does suggest that if a fresh bullish catalyst emerges, resistance above current levels may be thinner than it appears.

For now, it’s safe to say that the disconnect between all these bullish analyst targets and the stock’s muted price action is less of a contradiction than an emerging setup. Analysts are looking further out, while the market waits for the next piece of evidence. As the range continues to narrow into the new year, however, that waiting period may be nearing its end.

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The article "Amazon Looks Stuck—So Why Do Analysts Keep Calling for $300?" first appeared on MarketBeat.