Amazon (AMZN) is set to report fourth-quarter results on Feb. 5, and the company’s cloud computing unit and moves in artificial intelligence are likely to aid the tech titan, BNP Paribas said.
“We are focused on AWS growth and competitive dynamics versus Azure & Google Cloud, capex intensity and the resulting margin implications given ongoing investments across cloud, AI, logistics, grocery, Amazon Leo, etc., and trends in Amazon’s e-commerce & advertising businesses,” BNP Paribas analyst Nick Jones wrote in a note to clients.
Jones, who has a $320 price target on Amazon, said he expects Amazon Web Services to grow between 22% and 23% year-over-year, above the consensus of 21% growth, aided in part by AI.
“We believe Amazon is well positioned to deliver strong results across its core segments in 4Q25 and would not be surprised to see outperformance in AWS given AI demand trends, and in its advertising business, which we view as still in relatively early stages,” Jones added. “Amazon remains our top pick for 2026.”
