Amazon (AMZN) Stock: Goldman Sachs and TD Cowen Both Bullish on Grocery Push and AWS Growth

TLDR

• Goldman Sachs maintains high conviction on Amazon with a $325 price target, calling Q1 a strong quarter with unit growth at its highest since COVID.
• Amazon stock slipped 1.7% in premarket trading to $262.82 on May 15.
• TD Cowen reiterates a Buy rating and a higher $350 price target, citing Amazon’s new 30-minute grocery delivery rollout.
• Amazon Now launched 30-minute grocery delivery in Atlanta, Dallas-Fort Worth, Philadelphia, and Seattle, with dozens more cities planned.
• Amazon delivered 8 billion items same-day or next day in 2025, up 30% year-over-year, with groceries making up half.

Amazon (AMZN) stock edged lower in premarket trading on May 15, falling 1.7% to $262.82, even as two major Wall Street firms doubled down on their bullish outlooks.

Amazon.com, Inc., AMZN

Goldman Sachs reiterated its high-conviction stance on the stock after reviewing Amazon’s Q1 earnings and CEO Andy Jassy’s annual shareholder letter. Analyst Eric Sheridan kept a 12-month price target of $325 on the stock.

Sheridan called Q1 a strong quarter. Unit growth hit its highest level since COVID, driven by everyday essentials growing faster than the broader category. Progress in faster delivery and quick commerce also got a positive nod.

Goldman flagged that investor attention will stay on three areas: the health of the global consumer, ad services growth, and the AI landscape. Sheridan pointed to AWS margin trajectory and the conversion of AI backlog into revenue as key things to watch.

Management highlighted AI traction across discovery, logistics, and advertising during the earnings call, while also reiterating plans for a heavy reinvestment cycle ahead.

Amazon Now: The 30-Minute Grocery Play

TD Cowen separately reiterated its Buy rating and $350 price target, focusing on a different catalyst — Amazon’s new 30-minute grocery delivery service.

Amazon Now launched on May 12, offering thousands of fresh grocery and household items delivered in 30 minutes or less. The service is live in Atlanta, Dallas-Fort Worth, Philadelphia, and Seattle.

Prime members pay $3.99 per delivery on orders over $15. Non-members pay $13.99. Amazon plans to roll out the service to dozens more cities over time.

The launch builds on an already aggressive delivery infrastructure. Amazon delivered 8 billion items same-day or next day in 2025 — up 30% from the year before. Groceries and essentials made up half of that total.

Jassy said the same-day push helped Amazon become the second-largest U.S. grocer in 2025.

TD Cowen’s Survey Backs the Grocery Thesis

TD Cowen’s own consumer survey found that 36% of shoppers bought groceries online in the past 30 days as of Q4 2025 — matching peak pandemic levels.

That data point matters because it suggests the grocery delivery habit didn’t fade after COVID. It’s held, and Amazon is positioning to capture more of it.

Amazon’s revenue hit $742.78 billion in the most recent period, a 14% increase. The stock has gained 17% year-to-date and was trading near its 52-week high of $278.56 before the premarket dip.

Amazon also recently launched Alexa for Shopping, a personalized AI assistant integrated into its app, website, and Echo Show devices, designed to tailor product recommendations based on shopping history.

Twenty-five analysts recently revised earnings estimates upward for the upcoming period.

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