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. Jones also highlighted AWS backlog growth of about 36% sequentially and more than 150% year over year to $496 billion.

Management now sees AWS as at least double its prior multihundred-billion-dollar opportunity, with a path to becoming a $1 trillion business over time, according to Jones. He also said Amazon’s AI business appears to be tracking similarly to, or slightly better than, core AWS at a comparable stage, helping ease some return-on-invested-capital concerns.

Analyst Raises Operating Income View

Jones said BNP Paribas left its full-year revenue estimates broadly unchanged after updating its model for second-quarter results, third-quarter guidance and management commentary.

However, the analyst raised operating income estimates because of better-than-expected AWS profitability. He also increased capital expenditure estimates after Amazon lifted its fiscal 2026 capex outlook to $220 billion from $200 billion, primarily because of memory price inflation.

Jones raised his Amazon price forecast to $355 from $345 based on a sum-of-the-parts valuation.

Top ETF Exposure

  • First Trust Dow Jones Internet Index Fund (NYSE:FDN): 9.96% Weight
  • Franklin Focused Dynamic Growth ETF (NASDAQ:FFOG): 8.55% Weight
  • Kurv Technology Titans Select ETF (NASDAQ:KQQQ): 9.64% Weight

Significance: Because AMZN carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

AMZN Price Action: Amazon.com shares were up 4.89% at $284.85 at the time of publication on Monday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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