Piper Sandler upgrades Amazon to overweight, citing AI-driven AWS growth and holiday sales strength.

Piper Sandler maintains an overweight rating on Amazon, setting a $233 price target ahead of the 2025 holiday season, citing strong growth in Amazon Web Services (AWS) driven by AI innovation, robust infrastructure, and expanding enterprise clients. The firm highlights AWS as a key profit engine and differentiator amid competitive pressures in e-commerce and cloud services. Increased retail sales and Prime membership activity during the holidays are expected to boost revenue, while Amazon’s diversified model is seen as providing resilience against macroeconomic and regulatory challenges.