Goldman Sachs raised its price target on Amazon.com (NASDAQ: AMZN) to $275.00 from $240.00 while maintaining a Buy rating.

The firm said it continued to view Amazon as a preferred large-cap name ahead of third-quarter earnings, citing key debates around the company's AWS cloud segment and growing momentum in its Advertising business. Analysts projected AWS could deliver more than 20% top-line growth and sustain GAAP EBIT margins in the low-to-mid-30% range across the second half of 2025 and into 2026.

Goldman's outlook was supported by Amazon's revenue backlog, easing capacity constraints, expanding artificial intelligence services including contributions from Anthropic, and returns from investments in custom silicon. The firm reiterated its Buy stance and updated its operating estimates, noting an upside-to-downside skew of roughly 3-to-1 from current levels.