As Demand for AWS’ AI Surges, Citi and JPMorgan Raise Amazon Price Targets

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• Amazon (AMZN) faces a $285 price target from Citi and JPMorgan following simultaneous upgrades on March 25, 2026, both centered on AWS AI demand accelerating to 28-29% growth in 2026 and 37% in 2027, with custom chip revenue (Trainium and Graviton) running above $10B annually at triple-digit growth.

• Citi and JPMorgan expect Amazon’s AWS division and $200B in planned 2026 capital expenditures to drive multiple expansion and earnings growth, though trailing twelve-month free cash flow declined 37% year-over-year due to the CapEx surge.

Amazon (NASDAQ:AMZN) has pulled back more than 6% this year and is up 2.15% over the past week, sitting around $211.80 but well off its 52-week high of $258.60. The one-year gain stands at a modest 2.96%, with most analysts clustering around the Street consensus target of $280.47. But on March 25, 2026, two of Wall Street’s most influential…