Wells Fargo upgraded Amazon.com (AMZN) to Overweight from Equal Weight with a price target of $280, up from $245. Following its cloud market and Anthropic contribution analysis, Wells has increased conviction that Amazon Web Services will see revenue acceleration. The firm expects AWS sales to rise 22% in 2026, four points above consensus, with its share losses peaking in 2025. Project Rainier, the company’s compute capacity build with partner Anthropic, will be the primary driver of the growth acceleration, the analyst tells investors in a research note. Wells views the AWS revenue pickup as the key to reversing Amazon’s stock underperformance year-to-date.
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