Amazon (NASDAQ: AMZN) remains a top pick for Goldman Sachs as the investment bank reaffirmed its Buy rating with a $290 price target following the company’s annual AWS re:Invent conference on December 5.
AMZN stock traded around $229.11 on Thursday, down 1.41% on the day and 8.43% percent over the past month.
AMZN 30-day price chart. Source: FinboldIn a research note shared with clients, Goldman Sachs analyst Eric Sheridan said the key announcements at re:Invent reinforced Amazon’s positioning in artificial intelligence, machine learning and custom cloud silicon. He argued that AWS’s latest product roadmap provides greater clarity around how the company intends to capture enterprise-scale AI demand.
The analyst highlighted two major supportive themes, the potential for Amazon to re-accelerate top-line growth, and AWS’s role in the broader shift from foundational AI models to more advanced enterprise deployments, including agents, application development and workload migration with lower cost and higher efficiency.
Sheridan noted that AWS’s framing of artificial intelligence echoes the characteristics that drove Amazon’s earlier success in e-commerce, including breadth of offerings, ease of adoption and long-term customer focus.
According to Goldman Sachs, AWS’s strategy is centered on capitalizing on the increasing ubiquity of AI in a way similar to Amazon’s leadership through previous shifts in cloud compute and storage. Sheridan reiterated his conviction that AWS can sustain approximately 20% or higher revenue CAGR over the next three years.
Source: https://finbold.com/analyst-sets-amazon-stock-price-target/
