Piper Sandler reiterated Overweight on Amazon with a $320 price target, calling it best positioned among major tech peers as AI spending surges. The firm expects Amazon's 2026 ROIC around 14%, consistent with its historical average of roughly 17%. Piper says Amazon's spending remains focused on AWS and measurable returns, while Meta and Google face sharper ROIC declines as they invest heavily in frontier AI models and infrastructure.
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