Amazon’s $350 Price Target Faces a Big Earnings Test

Amazon.com Inc. NASDAQ: AMZN has given its shareholders little to cheer this year.

Despite the tech giant printing record revenues, the stock has managed a gain of barely 10% so far in 2026 and sits roughly where it stood 12 months ago. It’s safe to say investors have been feeling a bit hard done by and are due for some good news.

Earlier this week, it arrived—or at least appeared to. On Monday, Oct. 19, Morgan Stanley named Amazon its Top Pick, laying out a path in which Amazon Web Services (AWS) grows to $1 trillion in revenue—a scenario that, if it materializes, could more than double Amazon’s current share price.

Dodgy Timing

Unfortunately, the timing proved awkward. While the stock initially popped on the news, it had given back nearly all those…