Overview

• TD Cowen on Oct. 7 reiterated a Buy rating with a $255 price target, and BMO on Oct. 9 reaffirmed Outperform with a $280 target.
• Both firms expect AWS revenue to accelerate through the second half of 2025, helped by demand for GenAI workloads.
• Analysts caution that growing competition and capacity limits could restrain further cloud upside.
• Advertising is projected to expand rapidly, with BMO expecting it to be the fastest-growing segment in H2 2025.
• TD Cowen cites AI infrastructure investment and partnerships such as Anthropic to ease supply constraints, while BMO flags solid retail trends with sustainability into Q4 under review.