I'm initiating coverage of Amazon with a Strong Buy rating, driven by accelerating earnings from AWS, AI, advertising, and logistics efficiency. Q2 2026 results highlight AWS's 37% revenue growth and 64% operating income growth, now contributing 60% of operating profit on 21% of revenue. My 2027 model projects $10.08 normalized EPS and a $323 price target, reflecting 27% upside from current levels.
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