THE WOLFE ALPHA LIST - JUNE 2026 UPDATE

Research evidence excerpt

THE WOLFE ALPHA LIST - JUNE 2026 UPDATE

June 4, 2026

AMAZON.COM INC. (AMZN) PT: $320

RATING:

Market Street Short Avg. Daily Date Added Price Added Outperform

Cap (MM) Ratings Interest Volume (90D) to WAL to WAL

CLOSE PRICE: $2,759,414 Buy 1.06% 49.0MM 08/01/24 $186.981

$256.52

Source: FactSet, as of 4pm ET on 06/02/2026 | WAL = Wolfe Alpha List

% UPSIDE:

Why We Added AMZN to The Wolfe Alpha List 24.7%

Amazon is one of the highest quality assets in our coverage universe, and it benefits from Source: FactSet, as of 4pm ET on

category leadership in three $1Tr+ markets - eCommerce, Digital Advertising, and Cloud 06/02/2026

Computing. We expect Amazon to achieve healthy top-line growth with meaningful

margin expansion and FCF generation, which we believe should drive upward estimate VIEW AMZN MODEL

VIEW COMP TABLErevision against a reasonable valuation.

ECommerce

Company & Stock Background Market Overweight

Amazon is the global leader in eCommerce, Cloud, and Advertising, each industry with

TAM +$1Tn. Amazon is well positioned to maintain high-20s to low-30s AWS revenue

growth while expanding margin from operating leverage in both retail and cloud. Shares

of AMZN have outperformed S&P 500 by about 9-pts YTD, but we continue to believe

the market underappreciates core improvements, share gains in eCommerce & AWS, and

new product vertical growth. Meanwhile, FCF pressure and CapEx intensity remain key Shweta Khajuria

areas of debate, largely pressuring multiples until recently. We see modest upside to Global Internet

skhajuria@wolferesearch.com

current Street EBIT estimates and believe AMZN has earned a healthy premium multiple. 415-878-6425

View Shweta’s Research

Investment Thesis

We see Amazon benefiting from accelerating AWS growth and robust Retail growth