Although Amazon.com, Inc. (NASDAQ: AMZN) stock fell over 4.4% over the past 30 days through September 16, 2026, Ken Gawrelski, a Wall Street analyst at Wells Fargo & Co. (NYSE: WFC), expects a rally towards a new all-time high (ATH) over the next 12 months. 

Gawrelski reiterated a ‘Buy’ rating for Amazon stock, according to a note sent to clients on September 15. He also reaffirmed the firm’s 12-month price target for AMZN at $338.

With Amazon stock trading at $247.92 at the time of writing, this analyst signals a potential 36.33% upside. Earlier on September 3, Gawrelski raised Wells Fargo’s price target for AMZN from $328 to $338 on strong growth of Amazon Web Services (AWS).

Specifically, the analyst noted that…