1 Analyst Says Amazon Stock Has 30% Upside. What's the Bull Case for Buying Amazon Right Now?

Morgan Stanley's Brian Nowak lifted his Amazon (AMZN) price target to $350, implying 33% upside and putting a fresh bullish marker on the stock.

Nowak's case rests on AWS and AI cloud demand. AWS holds 28% market share and generates $169B in annualized revenue. That scale gives AMZN a dominant position as AI workloads expand across cloud infrastructure.

A second pillar is Amazon's custom Trainium AI processors, which have reached a $25B annualized revenue run rate. Interpretation: that figure suggests in-house silicon is already a material revenue line rather than a side project, which supports the thesis that AMZN can capture AI spending at multiple layers of the stack.

The bull case also frames AWS as a potential $600B revenue business by 2036 if AI cloud demand keeps surging. That long-range projection is the justification offered for Amazon's $220B of capex this year. Interpretation: the spending level is the central debate for the stock, and the bulls are arguing the revenue runway is large enough to absorb it.