Can Amazon Stock Defy the Bears and Rise to $300?

The December quarter earnings season for “Magnificent 7,” barring Nvidia (NVDA), which reports outside the usual reporting season, is over. Only Meta Platforms (META) saw significant gains following the confessional, while Microsoft (MSFT) and Amazon (AMZN) plunged as markets get wary of tech companies loosening their purse strings for artificial intelligence (AI) capex.

Specifically, Amazon almost fell to the $200 price level on Friday, Feb. 6, as markets were spooked by its mixed earnings, which were further compounded by the massive increase in its 2026 capex. Many of the bulls also turned their back on Amazon, and Scotiabank, Oppenheimer, Piper Sandler, Morgan Stanley, and Cantor Fitzgerald were among the brokerages that lowered the stock’s target price. DA Davidson went a step further and downloaded AMZN from a “Buy” to a “Hold” while lowering its target price to $175. The firm’s analyst Gil Luria said that Amazon is “losing the lead” in cloud computing and is “now scrambling to catch up through escalating investment.”