Wall Street updates its price targets on Amazon $AMZN following its Q3 earnings, with analysts highlighting strong long-term AWS growth despite rising AI spending and free cash flow pressure: UBS: $348 → $352 (Buy) – AWS growth outlook above 40% for 2027-28 supports confidence in long-term acceleration. BofA: $320 → $317 (Buy) – Strong AWS backlog and custom silicon demand reinforce Amazon’s AI positioning. MoffettNathanson: $315 → $357 (Buy) – Raised its price target following Q3 results. TD Cowen: $350 → $340 (Buy) – Revenue beat expectations; views the post-earnings selloff as overdone. Morgan Stanley: $350 → $335 (Overweight) – AWS expectations were too high, but long-term growth outlook remains strong. KeyBanc: $350 → $345 (Overweight) – AWS growth and retail opportunities support attractive earnings potential. Cantor Fitzgerald: $310 → $280 (Overweight) – Accelerating AWS growth, expanding margins, and stronger backlog support a bullish outlook. Wells Fargo: $329 → $326 (Overweight) – AWS capacity delays are temporary; sees growth potentially exceeding 50%. Mizuho: $330 → $335 (Outperform) – Strong long-term AWS outlook overshadowed by elevated spending and negative free cash flow. Baird: $310 → $300 (Outperform) – Mixed Q3 results, but recommends buying the pullback. Citizens: $315 → $275 (Outperform) – AWS growth and logistics advantages support long-term prospects despite rising capex. Oppenheimer: $320 → $285 (Outperform) – Strong AWS growth, but AI margins and heavy capex pressure free cash flow.