AMZN Stock Surges on AWS Growth, TD Cowen Lifts 2027 Target

Amazon.com Inc. (NASDAQ: AMZN) shares surged on Friday, July 31, 2026, following an uplifted price target from TD Cowen. The veteran bank revised its 2027 outlook for $AMZN+WL to $350 from $340, maintaining a Buy rating. This adjustment stems from the company’s latest earnings report, which showed its cloud computing segment, Amazon Web Services (AWS), experienced revenue growth accelerating to 37% year-over-year. Additionally, TD Cowen noted that second-quarter revenue and operating income surpassed consensus estimates by 2% and 11%, respectively, excluding one-time items.

TD Cowen also increased its revenue estimates for Amazon by an average of 4.5% annually from 2027 through 2031. Projections for AWS revenue over the same period saw an approximate 18% annual increase, with operating income estimates rising by about 17% on average. Despite a slightly below-expectation third-quarter revenue outlook, the company's operating income guidance at the upper end exceeded consensus by approximately 6%. Amazon also raised its capital spending forecast for 2026 to roughly $220 billion.

### Money Play If Amazon's AWS continues its accelerated growth trajectory, watch $AMZN+WL for potential further upside as analysts revise long-term estimates higher.

## Catalyst Analysis: TD Cowen Lifts Amazon Price Target to $350 TD Cowen revised its 2027 price target for Amazon.com Inc. (NASDAQ: AMZN) to $350 from $340, reiterating a Buy rating. The analyst firm cited strong performance in the AWS cloud division and overall operational improvements as key drivers for the increased valuation.

## Impact on Amazon.com Inc. ($AMZN+WL) The upward revision in price target and earnings estimates by TD Cowen reflects increasing confidence in Amazon's long-term growth prospects, particularly within its high-margin AWS segment and expanding artificial intelligence initiatives.

### Winners, Losers & Uncertainty Winners: Investors who have held Amazon shares may see the price target increase as a positive signal for future returns. Losers: Not applicable based on provided facts. Uncertainty: Continued AWS growth and the company's ability to execute on its AI strategy and capital expenditure plans will be key factors to ### Risk Watch — legal/timeline No immediate legal or timeline risks were identified in the provided facts. The next watch points include future AWS growth figures and the impact of Amazon's $220 billion capital expenditure plan for 2026.