Desk note
Saturday tape
Amazon just did a $200.6B quarter and the stock faded. AWS $42.2B +37%, op. $16.6B. Ads $19.8B +26%. Capex $220B, TTM FCF −$7.6B. Spot $259 is −10% from $287 and $16 under a $275 mean. The multiple is AWS duration vs capex. Trade 252.5/270, not the Anthropic EPS.
Last cash session Friday Aug 21 · close $258.63 · −$1.48
Price
AMZN
6M +28.58%
Snapshot
First $200B quarter, FCF still negative
Market cap
$2.7T
vs 52-week
-9.95%
Q2 sales
$200.6B
+20%
AWS
$42.2B
+37%
AWS op. income
$16.6B
Ads
$19.8B
+26%
Op. income
$27.5B
+43%
FY capex
$220B
Street
58 analysts
$275
Mean target · +6.33% vs spot
High $320 · Low $210 · Median $270
48
Buy
8
Hold
2
Sell
Buy
tilt
Next
Aug 28 expiry
2026-08-28
270 call wall. 260 is the magnet. A close under 252.5 is the wash.
PT tape
What changed after the print
| Date | Firm | Action | Target |
|---|---|---|---|
| 07-31 | Morgan Stanley | Overweight, PT raised | $305from 280 |
| 07-31 | Bank of America | Buy | $290 |
| 07-31 | Goldman | Buy | $285 |
| 07-31 | JPMorgan | Overweight | $280 |
| 07-31 | Barclays | Overweight | $275 |
| 07-31 | Deutsche Bank | Buy | $270 |
| 07-30 | Piper Sandler | Neutral | $240 |
| 07-30 | MoffettNathanson | Hold | $225 |
Research desk compiled August 22, 2026. Quotes delayed. Options from Cboe delayed chain. Not investment advice, not a solicitation, and not affiliated with Amazon.com, Inc..