Major Bank Ratings | CMB International: Raises Amazon target price to $305, optimistic about AWS prospects

```htmlGolden Ten Data, May 8｜CMB International issued a research report stating that Amazon's first-quarter revenue grew by 16.6% year-on-year to $181.5 billion, 2% higher than both the bank's and market expectations. Overall operating profit increased by 30% year-on-year to $23.9 billion, exceeding the bank's and market expectations by 12% and 15% respectively, mainly benefiting from the outstanding performance of three key segments: North America, AWS, and international business. Among them, AWS revenue saw further acceleration, climbing by 28.4% year-on-year, 2 percentage points above market expectations. Management forecasts second-quarter revenue to range between $194 billion and $199 billion, a year-on-year increase of 16% to 19%, surpassing the market expectation of $188.9 billion; operating profit guidance is between $20 billion and $24 billion, while market expectation is $22.9 billion. The bank has raised its revenue forecasts for 2026 to 2028 by 4% to 6%, and operating profit forecasts by 4% to 10%. The target price has been raised from $292 to $305, maintaining a "Buy" rating, and it is expected that AWS revenue growth will further accelerate in the next quarter.```