Evercore ISI raises price outlook for Amazon amid AI sales boost

Evercore ISI analyst Mark Mahaney just handed Amazon one of the more bullish notes on Wall Street, raising his price target to $335 and projecting that AI-powered shopping tools could reshape the company’s revenue trajectory over the next two years. The catalyst is Rufus, Amazon’s AI shopping assistant, which Mahaney believes is quietly becoming one of the most consequential product launches in the company’s history. More than 250 million customers used the tool in 2025, and those users were 60% more likely to actually buy something compared to shoppers who didn’t use it. The Rufus effect, by the numbers In his May 1 note, Mahaney maintained an Outperform rating on AMZN and laid out a financial roadmap that reads like an AI bull’s wish list. Rufus contributed roughly $10 billion in incremental gross merchandise value last year alone. By 2028, Evercore estimates that Rufus and related AI features could collectively add up to $56 billion to Amazon’s retail GMV. That represents a 4.4% increase to the company’s total retail merchandise volume. The revenue math cascades from there. Mahaney projects AI-driven commerce could generate up to $31 billion in additional total revenue, represen...