Phillip Securities upgrades Amazon to Buy, raises price target to $330 (Nov 2)
What happened
Phillip Securities upgraded Amazon to 'Buy' from 'Accumulate' on Monday, November 2, raising its price target from $320 to $330, implying about 38% upside from Friday's $240.35 close. Analyst Helena Wang cited strong demand visibility supporting Amazon's aggressive AI capex, Amazon's model-agnostic AI strategy, custom Graviton and Trainium chips, and partnerships with major AI developers. The firm raised its FY2027 revenue estimate by 2%, adjusted net income forecast by 3%, and FY2027 capex estimate by 3%, pointing to AWS's 39.3% year-over-year growth (roughly $46 billion in Q3 revenue) and a record 13.9% operating margin. AMZN rose about 4.6% to $251.49 on Monday, one of the Dow's biggest gainers, as the upgrade joined the Anthropic IPO-filing news in lifting the stock off its post-earnings lows.
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Start your free 14-day trialWho’s affected
- Amazon (AMZN) — upgraded to Buy from Accumulate; shares rose to ~$251.49 (+4.6%) on Monday, rebounding after the post-Q3 selloff;
- AWS/cloud complex — the upgrade's thesis rests on cloud demand visibility, relevant to MSFT, GOOGL, and data-center names;