What's Driving Rosenblatt's Bullish Stance on Amazon.com Stock?

On November 25, 2025, Rosenblatt reaffirmed its Buy rating on Amazon.com (AMZN), signaling confidence in the e-commerce and cloud computing giant. This positive outlook reflects broader market sentiment supported by solid fundamentals and strong institutional backing.

The Upside Opportunity Ahead

Analysts tracking Amazon.com have set an average one-year price target of $294.40 per share as of mid-November 2025. With the stock trading near $226.28, this implies approximately 30.10% upside potential from current levels. Price forecasts vary across the analyst community, ranging from a conservative $229.37 to an ambitious $369.46, reflecting the diversity of opinions on the company’s growth trajectory.

Beyond price appreciation, the company’s financial metrics present an encouraging picture. Projections show annual revenue climbing to 693,815MM with a 0.36% year-over-year increase, while non-GAAP earnings per share is estimated at 7.79. These metrics suggest Amazon.com continues to expand while maintaining profitability discipline.

Institutional Conviction: The Numbers Tell a Story

A closer examination of fund positioning reveals a nuanced picture. Approximately 7,773 funds and institutions currently hold positions in AMZN, marking an uptick of 154 new investors (2.02% increase) in the recent quarter. The average portfolio weight dedicated to Amazon.com stands at 2.36%, up 5.24%, indicating that institutional allocators are giving the stock more prominence in their holdings.

However, total institutional share ownership ticked down modestly by 0.20% to reach 7,793,445K shares. This divergence—rising fund participation but slightly declining total shares—suggests selective buying among new entrants offsetting some profit-taking by existing holders.

Options market sentiment bolsters the bullish narrative, with the put/call ratio sitting at 0.70, well below the neutral 1.0 threshold. This points to investor preference for call options (bets on upside) over protective puts.

How Are Major Index Funds Positioning?

The Vanguard Total Stock Market Index Fund (VTSMX) expanded its Amazon.com position to 307,246K shares (2.87% ownership), up 1.93% from the prior quarter. Portfolio weighting toward AMZN increased by 4.90%, reflecting Amazon.com’s growing significance within broad market indices.

Similarly, the Vanguard 500 Index Fund (VFINX) increased holdings to 268,199K shares (2.51% ownership), representing a 2.28% sequential increase and a 4.84% boost in portfolio allocation weight.

Geode Capital Management holds 222,642K shares (2.08% ownership), up 2.66% quarter-over-quarter, though it trimmed portfolio weighting by 6.41%—a potential sign of portfolio rebalancing rather than conviction loss.

Mixed Signals from Large Asset Managers

Not all major institutions are uniformly bullish. JPMorgan Chase reduced its position to 182,661K shares (1.71% ownership), down 5.55% from the prior filing. Portfolio allocation to AMZN dropped 13.13%, suggesting the banking giant may be taking profits or rotating capital elsewhere.

Price T. Rowe Associates presents an even more cautious stance, cutting holdings to 143,000K shares (1.34% ownership)—a 10.63% decline. Portfolio weighting fell by 14.56%, the steepest reduction among major holders, potentially indicating concerns about near-term valuations or competitive pressures.

Bottom Line

Rosenblatt’s maintained Buy rating on Amazon.com aligns with the consensus 30% upside call and broader institutional support. While index funds are steadily increasing exposure, the pullback from some mega-cap asset managers warrants attention. The divergence between rising fund participation and declining total shares suggests a market in transition—new capital entering at slightly higher valuations while established holders selectively harvest gains. For investors evaluating Amazon.com’s prospects, monitoring both sell.amazon.com metrics and institutional flow patterns will be crucial for timing entry and exit points.