Wells Fargo Cuts Amazon.com (AMZN) Price Target to $329

Wells Fargo maintains its Overweight rating and sets a new price target for Amazon.com, a 32.18% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 1:53 PM EDT

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Wells Fargo cut its price target on Amazon.com, Inc. ($AMZN) to $329 from $338 on October 12, 2026, and rates the stock "Overweight".

Since the rating, $AMZN is down 3.7% to date (from the $259.53 close on Oct 12, 2026).

AMZN Amazon.com, Inc.

$250 +10.38% year to date

Daily close · Oct 16, 2026

Key Points

Wells Fargo reiterated its Overweight rating on Amazon.com, Inc. on October 12, 2026, with a new price target of $329.
Wells Fargo's $329 price target implies 32.18% upside from Amazon.com, Inc.'s ($AMZN) current $248.90 share price.
As of October 16, 2026, Amazon shares traded at $248.90, which is about 24.3% below the new target price.
The stock is currently below its 50-day moving average and 13.3% under its 52-week high of $287.20.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Amazon.com, Inc. alert may contain errors. Disclosures

Wells Fargo has reaffirmed its Overweight rating on Amazon.com, Inc. (AMZN) and adjusted its price target to $329, down from $338, on October 12, 2026. This rating suggests that the firm expects the stock to perform better than the market average. As of October 16, 2026, Amazon shares were recently trading at $248.90, which is 24.3% below the new target price.

Other Institutional Activity in Amazon.com, Inc.

Several institutional investors have also been active with their positions in Amazon. Blackrock Inc. holds 748,403,539 shares, valued at approximately $187.1 billion, after increasing its stake by 12,871,805 shares. Vanguard Capital Management LLC has 635,764,130 shares worth around $158.9 billion, having added 4,607,444 shares. State Street Corporation owns 397,186,958 shares valued at about $99.3 billion, following an increase of 6,754,482 shares. FMR, LLC has 365,660,364 shares worth roughly $91.4 billion, with a rise of 6,958,810 shares. Meanwhile, Geode Capital Management, LLC holds 233,211,684 shares, but trimmed its position slightly by 23,324 shares.

Amazon.com, Inc. Stock Down 2.0%

Amazon shares are currently trading below their 50-day moving average of $257.52 and about 13.3% under the 52-week high of $287.20. The stock is also above its 52-week low of $196.00, which indicates it has some upward potential. The recent price of $248.90 puts it at a 24.9% disadvantage compared to the mean analyst price target of $331.46.

12-month forecast

$AMZN price target

Amazon.com, Inc. daily closes and this analyst's $329 target. Not advice.

Recent Earnings

For the trailing twelve months, Amazon reported revenue of approximately $775.7 billion and an earnings per share (EPS) of $12.43. The company has shown a year-over-year revenue growth of 19.6%. The next earnings report is scheduled for October 29, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

B- 72/100

Reported Apr 29, 2026

Forward outlook
23 analysts raised price targets.
EPS & revenue
EPS missed estimates by 3.6%. Revenue met estimates.
Profit surprise
EBITDA beat by 31 percent. Operating income beat by 90 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
23 target raises.
Earnings quality
Gross margin up 1.3 points. Operating margin up 1.3 points. Positive free cash flow.

Earnings Call Summary

Amazon had a strong first quarter with $181.5 billion in revenue and record 13.1 percent operating margin. Cloud computing services grew 28 percent year over year, the fastest pace in 15 quarters, driven by artificial intelligence demand. The company is investing tens of billions in data centers and chips, expecting these upfront costs to deliver strong returns in future years as customers pay for the capacity.

Guidance Amazon expects second quarter sales between $194 billion and $199 billion, up from first quarter's $181.5 billion. Operating income should reach $20 billion to $24 billion as the company invests heavily in artificial intelligence and new satellites for the Amazon LEO business.

Slightly positive report. The quarter was acceptable, but the forward setup is not strong.

Insider Buying and Selling at Amazon.com, Inc.

Recent insider transactions include several officers selling shares. Matthew S. Garman sold 14,541 shares valued at about $3.77 million on August 21, 2026. David A. Zapolsky sold 15,430 shares worth approximately $4.0 million on August 24, 2026. Additionally, Douglas J. Herrington sold 1,000 shares on October 1, 2026, at an average price of $251.50, totaling around $251,500.

Analysts Set New Price Targets

On October 12, 2026, Wells Fargo maintained its Overweight rating on Amazon with a revised target of $329. Cantor Fitzgerald also maintained an Overweight rating with a target of $310 on the same day. Earlier, Rosenblatt and TD Cowen had ratings of Buy with targets of $360 and $350, respectively.

About Amazon.com, Inc.

Amazon.com, Inc. is a leading player in the retail sector, selling consumer products online and through physical stores. It operates in three main segments: North America, International, and Amazon Web Services (AWS). The company also develops and sells electronic devices and media content. This reiteration of Wells Fargo's rating reflects ongoing confidence in Amazon's growth potential.

Bottom Line

Investors should keep an eye on Amazon's upcoming earnings report on October 29, 2026, as well as any further analyst ratings that may emerge. With shares trading below the new target, there could be opportunities for movement in the stock as market conditions evolve.