Wells Fargo is bullish on Amazon, and the Rainier project is expected to boost cloud revenue
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Wells Fargo upgraded Amazon's rating from "Hold" to "Outperform," expecting the Rainier project to boost AWS cloud business revenue. The project is expected to be operational by January 2026 and could bring approximately $14 billion in annual revenue to AWS when fully operational. Wells Fargo raised its 2026 AWS revenue forecast by 3% and its 2027 forecast by 7%. Although the Rainier project may put pressure on profit margins, the leverage of fixed costs will offset this impact
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