Amazon.com Inc: One Day We'll Say: "Remember 2 Day Delivery? That Took Forever!"

Research evidence excerpt

Amazon.com Inc: One Day We'll Say: "Remember 2 Day Delivery? That Took Forever!"

Idea

May 12, 2026 10:42 PM GMT

Morgan Stanley & Co. LLCMAmazon.com Inc | North America Brian Nowak, CFA

Equity Analyst

One Day We'll Say: "Remember Brian.Nowak@morganstanley.comKavya A Narayanan +1 212 761-3365

Research Associate

Kavya.Narayanan@morganstanley.com +1 212 761-4183

2 Day Delivery? That Took Julian Herrera

Julian.Herrera@morganstanley.com +1 212 761-1784

Forever!"

Amazon.com Inc (AMZN.O, AMZN US)

AMZN is expanding 30 minute delivery to 10s of millions of Internet | United States of America

Stock Rating Overweight

Americans by year-end '26. This furthers AMZN's surging push Industry View Attractive

into the $1.7tln grocery/CPG market, is forward-looking agentic PriceShr price,targetclose (May 12, 2026) $330.00$265.82

investment (infrastructure and inventory), and speaks to rising Mkt cap, curr (mm) $2,925,774

52-Week Range $278.56-196.00

competition for DASH/UBER/CART/grocers.

Amazon Now and 30 Minute Delivery Heading to 10s of Millions of Americans by

Year end ‘26: Today, AMZN announced the expanded rollout of Amazon Now, its

30-minute or less delivery service for perishables, household essentials, and locally

relevant items. Service is expanding from 4 cities (Atlanta, Dallas-Fort Worth,

Philadelphia, and Seattle) to “dozens” more…with plans to expand to tens of

millions of customers by the end of 2026.

So why does this matter? We make 3 points:

AMZN’s Culture of Invest, Learn, and Invest More Suggests Grocery Investments

are Working: This re-enforces AMZN's rising focus and momentum in grocery/

perishables/essentials…where same-day perishables delivered 40x growth y/y since

launch in early 2025, and our work here showcased the surging progress in grocery/

perishables.