Wells Fargo Lowers Amazon Price Target to $312 Amid Strong AWS Performance
Wells Fargo slightly reduced its price target for Amazon (AMZN) from $313 to $312 while maintaining an Overweight rating. The firm highlighted the continued strength of AWS, which reported Q1 2026 revenue of $37.6 billion and a growing backlog exceeding $464 billion.
Topics: AI infrastructure AWS cloud computing price target adjustment