Amazon Stock Gains Fuel Uptrend: Wall Street Focuses on Massive $496 Billion AWS Order Backlog - Amazon.c

Amazon.Com Inc (NASDAQ:AMZN) stock gained by more than 5% on Monday as risk appetite improves across growth and consumer names, helping the stock extend an already-strong uptrend.

The Nasdaq is up 1.36% while the S&P 500 has gained 1.17%, and Amazon is also getting a tailwind from the Consumer Discretionary sector’s 1.92% gain.

BNP Paribas analyst Nick Jones remained bullish on Amazon, raising his price forecast to $355 from $345 after the company delivered stronger-than-expected second-quarter results and continued AWS momentum.

AWS Momentum Supports Bullish View Jones maintained an Outperform rating on Amazon and said the stock offered 51% upside from its July 30 price of $235.50.

He said Amazon beat expectations on both revenue and operating income, while guidance looked stronger than consensus after excluding the Prime Day timing shift.