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<Research>Citi: Amazon 2026 Capex Guidance of USD200B Beats; Rating Buy
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Amazon (AMZN.US) announced its 4Q25 results and 1Q26 forecast, both beating forecasts, Citi's report wrote. Revenue from Amazon Web Services (AWS) grew by 24% YoY, surpassing expectations, but the 2026 capex guidance of USD200 billion was well above Citi's original forecast.

The quarterly revenue reached USD213.4 billion, about 1% higher than street consensus, and operating profit was USD25 billion, within the company's previous guidance range of USD21-26 billion.

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Citi set a target price of USD320 for Amazon, based on about 33x 2027E GAAP EPS of USD9.7. Citi considered this valuation multiple reasonable. The rating was Buy.
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