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Thursday's Exclusive Story
Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings?Authored by Sam Quirke. First Published: 4/22/2026. 
Key Points
- Amazon has jumped nearly 30% in just a few weeks, pushing shares back toward all-time highs.
- However, its stock is now at its most overbought level in more than three years, raising the risk of a near-term pullback.
- With earnings due next Wednesday, Amazon shares could swing either way.
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Shares of tech giant Amazon.com Inc (NASDAQ: AMZN) are trading around $250, up nearly 30% in a few weeks and closing in on its all-time high. It marks one of the stock’s strongest runs over the past 12 months and is a sharp reversal from the weakness and lethargy seen earlier this year. For long-term investors, this is a welcome return to the Amazon they’re used to. After months of sideways action and a harsh reaction following February’s earnings report — which produced a rare miss and raised concerns about capital expenditures — Amazon had been a frustrating stock to own.
Despite solid fundamentals and analysts broadly recommending Buy, sentiment remained stubbornly cautious. The recent rally has shifted that mood. The big question now is whether Amazon is still a buy with its next earnings report due next week. Let’s take a closer look. The Rally Has Strong FoundationsWhile the speed of the recent move is notable, the underlying drivers are straightforward. One of the biggest shifts has been growing confidence that Amazon’s large investment in artificial intelligence (AI) is starting to pay off. Bulish comments from CEO Andy Jassy earlier this month have helped steer investors to focus on the potential upside rather than near-term risk. Just a few months ago, that narrative was largely rejected. As more clarity on AI monetization and returns emerges, it’s reasonable to expect the stock could continue to climb. Strategic developments, such as the acquisition of Globalstar, have added another layer of upside. With the deal confirmed, investors are leaning into the potential for the transaction to accelerate Amazon’s satellite and connectivity ambitions, reinforcing the view that the company is positioning itself for the next growth phase. Taken together, it’s easy to see why sentiment has shifted so meaningfully. The stock is no longer being treated as the capital‑intensive laggard it was in Q1 — which also means next week’s report will face heightened scrutiny. The Technical Picture Is a Little StretchedThat heightened scrutiny is important because the technical setup looks stretched. Amazon’s relative strength index (RSI) is now in deeply overbought territory, at levels not seen in more than three years. Historically, such readings often indicate a period of consolidation or a short-term pullback. With shares roughly where they were in the middle of last week, some consolidation may already be starting. A near-30% rally in a few weeks is hard to sustain without some cooling-off, especially as the stock approaches resistance near prior highs. Investors considering opening or adding to positions ahead of next week’s report should keep that risk in mind. Any sign that results or management commentary fail to support recent optimism could trigger selling. Analysts Remain Overwhelmingly BullishThe good news for bulls is that analyst sentiment remains largely positive even after the recent gains. This week, firms such as Cantor Fitzgerald, Bank of America, and KeyCorp reiterated Buy or equivalent ratings and raised price targets to about $325. Given how much the stock has risen this month, roughly 30% of additional targeted upside is an aggressive endorsement — especially with earnings looming. These analyst updates are encouraging for investors considering exposure ahead of the report. Much of the optimism centers on AWS, where accelerating AI-driven demand and clearer visibility into future revenue are strengthening the case that Amazon’s heavy investment cycle is beginning to pay off. Multiple firms over the past month have pointed to Amazon’s solid fundamentals and evolving monetization of AI spend as key drivers for further upside. That combination of momentum, narrative, and execution makes the current setup interesting. Yes, technicals are stretched and the stock has moved sharply higher, but if any company justifies buying into strength ahead of earnings, Amazon is near the top of that list. |
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