Amazon.com Inc. (NASDAQ: AMZN) has staged an impressive comeback since the dark days of early April. The tech giant is up more than 30% in barely more than two months and, as of Tuesday evening, was trading just under $215. That’s only around a 10% move away from February’s record highs at the $240 level. For those of us on the sidelines, it’s time to get excited because there are multiple signs that another leg higher is coming fast.
Between bullish technical momentum, supportive analyst coverage, and a consistent tendency to rally into earnings, there are at least three solid reasons to think shares could be trading at $250 or more before the summer is out.
The Technical Setup Is Bullish
Since April, Amazon’s chart has been showing higher highs and higher lows, a classic sign of a strong uptrend. Each dip has been shallow and swiftly bought up. Momentum is clearly on the bulls’ side, and with the broader market in risk-on mode, that trend looks likely to continue.
In recent sessions, the $215 level has emerged as a key resistance zone. It’s where sellers have stepped in and checked the upward momentum, but they’ve been unable to reverse the overall trend. With the stock tightening into that level, we’re now looking at a textbook breakout setup.
A clean push through $215 could trigger a fast move up to retest the all-time highs at $242.
But it may not stop there.
In a market driven by momentum and narrative, the psychology of a breakout can be just as powerful as any catalyst. A break above all-time highs would confirm the bullish structure, clear the way for new upside targets, and likely trigger a wave of technical buying.
If that happens, $250 becomes a very achievable near-term target.
Analysts Are Getting Louder
The analyst community is doing its part to support the bull case. Already this month, both JPMorgan Chase and Bank of America have reiterated their Overweight ratings and issued fresh price targets. JPMorgan raised its target to $240, while BofA raised its target to $248.
Both calls reflect growing confidence that Amazon’s underlying business remains robust, especially on the AWS side, and that it’s well-positioned to continue outpacing expectations. These new targets align broadly with other analysts' bullish stance throughout the year, but they are far from the most optimistic.
The team over at Tigress Financial reiterated their Buy rating last month and boosted their price target to a street-high $305, which implies more than 40% upside from current levels.
Amazon Loves to Rally Into Earnings
The final reason to be excited about the potential upside in the weeks ahead is Amazon’s pattern of running into earnings. With the next report due in late July, this dynamic should help drive an imminent breakout.
We saw this in the run-up to the May report when shares rallied sharply in the weeks before the results. The same pattern played out in February and again last November.
That kind of consistency makes it a fairly reliable playbook, especially when combined with broader bullish market sentiment.
This time around, the conditions are arguably even better. The major indices are once again flirting with fresh all-time highs, investor appetite for mega-cap tech is surging again, and Amazon’s fundamentals look stronger than ever. If recent history is any guide, smart investors will start building or adding to positions starting now, ahead of the July report.
When a stock with this kind of chart and analyst support also has a history of rallying to earnings (that it then beats), it's hard to stay on the sidelines.
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