After a year defined by worries about cloud growth and tariff impact on retail, Amazon stock heads into 2026 poised for gains. The Club name struggled throughout 2025 as Wall Street worried that Microsoft ‘s Azure and Google Cloud were outpacing the growth rate of the No. 1 cloud, Amazon Web Services, and how President Donald Trump ‘s tariffs could pressure already-thin retail margins weighed on sentiment as well. Amazon shares have gained only 6% year-to-date, trailing the S & P 500 ‘s nearly 18% gain over the same period. The stock was also underperforming its mega-cap tech peers. Amazon at a glance Year-to-date performance: up 6% Forward price-to-earnings multiple: 28.9 versus a five-year average of 44.3 Our rating: Buy-equivalent 1 rating Our price target: $275 a share AMZN YTD mountain AMZN stock performance YTD. Amazon, however, may have turned a corner in the third quarter , when AWS reaccelerated to 20% revenue growth — its fastest clip since 2022. It’s one of the central…