Stifel analyst Mark Kelley on Monday, April 13, 2026, reiterated a Buy rating on Amazon and trimmed his price target to $294 from $300, citing growing uncertainty over global energy prices. He said higher fuel and power costs could hit consumer spending in the months ahead, even as Amazon remains the most economical option available across the eCommerce landscape.
The cut comes as Amazon is leaning harder into the businesses meant to cushion the company from a rougher backdrop. In his recent shareholder letter, Andy Jassy said AWS AI revenue had passed a $15 billion annualized run rate and that Amazon’s custom chip business, including Graviton and Trainium, was now generating more than $20 billion a year. Jassy said he had “never seen a technology more quickly adopted than AI,” and described the chip business as growing at “triple-digit year-over-year percentages.”
The target move leaves Stifel in the same broadly bullish camp as the rest of Wall Street. Amazon has a consensus Strong Buy rating among 46 analysts, including 43 Buy recommendations and three Hold ratings. The average 12-month target is $284.20, implying 19.33% upside from current levels, while Amazon is also spending roughly $200 billion on capital projects this year.
The tension for investors is that the near-term warning is external, while the long-term thesis keeps getting stronger. Kelley’s concern about energy prices is tied to the lack of progress in recent international talks over the weekend, which could leave shoppers with less room to spend. But Amazon’s revenue base is spread across retail, advertising and AWS, and that mix may help the company absorb pressure that would hit a more narrowly focused retailer harder.
For now, the question is not whether Amazon has lost its appeal. It is whether consumers can keep buying through a more expensive energy backdrop without slowing the company’s retail engine just as its cloud and chip businesses are accelerating.
