Amazon.com price target raised to $245 from $238 at Wells Fargo

Wells Fargo raised the firm’s price target on Amazon.com (AMZN) to $245 from $238 and keeps an Equal Weight rating on the shares. The firm estimates Anthropic should contribute approximately 1pt of additional growth to AWS revenues in the second half of the year vs. first half, +2.4% vs. +1.3%, supporting case for second half of 2025 acceleration critical to stock outperformance, in its view. Wells sees 2026 contribution from Anthropic increasing to +3.1%, reinforcing the case for second half of the year growth to continue throughout 2026 as Anthropic inference revenue scales. Further, the firm sees inference as driving over 75% of Anthropic revenues contribution in 2026, and sees total AI revenue contribution to AWS scaling to 10% in 2026 from less than 3% in 2024.