Observed Signal · Aug 28, 2026 · Analyst Price Target Change · Source: CNBC Investing · Impact: 3/5 · Sentiment: Positive
Evercore: AI Driving More Amazon Purchases; Price Target Raised
Evercore ISI said artificial intelligence is driving more consumers to Amazon's shopping platform and raised its price target on Amazon shares to $355 from $315. Analyst Mark Mahaney cited survey evidence that 57% of Alexa AI users bought a product they were not previously aware of, and that 36% of survey participants reported buying more because of AI additions to Alexa. Evercore’s annual online retail survey found 92% of respondents had used Amazon versus 58% for Walmart. The firm’s call aligns with Wall Street consensus, which LSEG data shows is overwhelmingly bullish on Amazon.
AI-driven product discovery on Amazon could accelerate e‑commerce spending and expand retail media monetization opportunities, affecting ad spend and first‑party commerce data strategies.
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Key Takeaways & Evidence Grounding
- Evercore ISI raised its price target for Amazon shares to $355 from $315.
- Evercore ISI survey found 57% of Alexa AI users bought a product they were not previously aware of.
- Evercore ISI’s annual online retail survey reported 92% of respondents had used Amazon; Walmart had 58% penetration.
- Evercore ISI said 36% of survey participants reported buying more because of AI additions to Alexa.
- LSEG data cited that 64 of 68 analysts rate Amazon a buy or strong buy.
Connected Companies & Entities
8 Entities mapped“Amazon.com is likely to see its shares rally as artificial intelligence drives more consumers to its online shopping platform, according to ...”
“The investment firm has an outperform rating on the online marketplace and hiked its price target on the stock shares to $355 from $315, imp...”
“The next most widely used online retailer, Walmart, had a penetration rate of just 58%, according to Evercore ISI data.”
“Evercore ISI's call matches the consensus on Wall Street, where 64 of 68 analysts rate Amazon it a buy or strong buy, LSEG data shows.”
“The story was published on CNBC on Fri, Aug 28 2026 11:35 AM EDT (article author and site context).”
“2026 Versant Media, LLC. All Rights Reserved. A Versant Media Company.”
“Data also provided by Reuters.”
“Data also provided by Reuters.”
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AWS Outperformance Boosts Confidence in Amazon AI
Amazon’s strong second-quarter earnings—led by 37% year-over-year growth at Amazon Web Services (AWS) and revenue beats for both AWS and Amazon’s advertising business—prompted broad analyst upgrades and higher price targets. AWS reported a $496 billion backlog and disclosed $25 billion in AI annual recurring revenue (ARR), while Amazon raised its 2026 capital expenditure outlook to about $220 billion. Analysts cited improving AWS margins, accelerated enterprise AI demand, and a clearer capital-return framework that supports elevated capex. The results drove an ~11% jump in Amazon shares and led many Wall Street firms to maintain or raise buy/overweight ratings and lift price targets across the board.
Morgan Stanley: Amazon Top Pick, Catalysts Ahead
Morgan Stanley reiterated its overweight rating on Amazon, raised its price target to $350 from $335, implying 40% upside, and named the stock a top pick. Analyst Brian Nowak highlighted underappreciated growth at Amazon Web Services (AWS), particularly in AI-related cloud services like Bedrock. The bank also expects Amazon to benefit from the rise of agentic AI shopping and physical AI initiatives, such as robotics in fulfillment centers. Morgan Stanley projects AWS revenue to grow 47% year-over-year in 2027. The call aligns with consensus, as 62 of 64 analysts rate the stock buy or strong buy. Amazon shares have risen more than 8% year to date. This is an analyst note, not a direct news event from Amazon itself.
Amazon customers embrace Alexa for Shopping
Amazon said on its Q2 2026 earnings call that customer engagement with Alexa for Shopping — its agentic AI shopping assistant — surged in the quarter. Active users nearly doubled year over year and interactions were up fivefold in Q2, while more than 350 million shoppers used the tool over the past 12 months, CEO Andy Jassy said. U.S. customers who use Alexa for Shopping spend about 40% more per order, and shoppers who try Alexa+ join Prime at nearly 25% higher rates. Amazon also reported double-digit Prime membership growth, a 40% increase in same-day/overnight deliveries in the first half of 2026, net sales up 20% to $200.6 billion, and operating income up 43% to $27.5 billion for the quarter.
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