Amazon is reiterated as a 'Buy,' with significant upside potential above $300 based on updated 2026 fundamentals and technicals. Q2 results showed 20% revenue growth and a 37% YoY AWS acceleration, though EPS was boosted by $53.4 billion in non-operating income. Heavy AI-driven capex and negative free cash flow are key risks, but the market is not punishing AMZN for these investments.
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