JP Morgan Sets Amazon Price Target at $365

Amazon stock is having a rough time lately. The price opened at $272 on Thursday and continues to struggle whenever it approaches the $290 mark. This is the fourth time this year the stock has hit this resistance level only to slide back down to the $270 range. Traders are currently hesitant because of this back and forth movement.

Despite the current volatility, JP Morgan analyst Douglas Anmuth remains optimistic. He kept a buy rating on the stock this Wednesday. His main reason for confidence is the performance of Amazon Web Services. This division brought in $42.2 billion in the second quarter of 2026, which represents a 37 percent increase compared to last year.

The firm now projects a price target of $365 for Amazon. If the stock hits this goal, it would offer a return of roughly 34 percent from the current price of $272. Investors are watching to see if the cloud revenue growth can finally push the shares past the stubborn $300 resistance level.