Amazon (AMZN) AWS AI Momentum Supports Higher Price Target at BMO Capital

Amazon.com, Inc. (NASDAQ:AMZN) ranks among the best AI stocks to buy according to analysts. On December 16, BMO Capital retained its Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN) and increased its price target to $304 from $300. The revision came in response to BMO’s cloud expert discussions with former AWS workers, one of whom had visibility to at least $4.7 billion in annual cloud spending, and disclosed accelerated cloud commitments.

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BMO identified five major findings from its analysis: accelerated cloud commitments, agents enabling incremental cloud commitments, Claude as the development model of choice, AWS unlikely to build verticalized AI apps, and enterprise AI applications projected to expand by 2027.

Additionally, on December 9, Amazon.com, Inc. (NASDAQ:AMZN) announced that it plans to invest $35 billion in India throughout its operations by 2030. The company has already invested $40 billion, and the new $35 billion will add to that number.

The additional $35 billion investment will be used to expand Amazon.com, Inc. (NASDAQ:AMZN)’s operations, with an emphasis on AI-driven digitization, increased exports, and job creation.

Amazon.com, Inc. (NASDAQ:AMZN) is an American technology company that focuses on e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions.

While we acknowledge the potential of AMZN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMZN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.