CITIC Securities International lowered the target price for Amazon to $283 with a rating of "Buy"

CITIC Securities International published a report stating that Amazon (AMZN.US) has a solid performance in the fourth quarter, with stable e-commerce, rapid growth in advertising, and AWS growth accelerating from a year-on-year increase of 17% in the first half of 2025 to 24%. Margin expansion supports a year-on-year increase of 25% in non-GAAP operating profit.

The report indicates that strong AI demand is driving AWS backlog orders to increase by 40% year-on-year and 22% quarter-on-quarter; the capital expenditure guidance for 2026 reaches $200 billion, higher than Google's $175 billion to $185 billion.

The firm maintains an "Overweight" rating on Amazon (AMZN.US), lowering the target price from $301 to $283, believing that the shift in AI capital expenditure sentiment presents a good entry opportunity, with Amazon's full technology stack advantages and collaboration with Anthropic building competitive barriers