Evercore ISI analyst Mark Mahaney has named Amazon as one of his top internet stock picks for 2026, citing resilient consumer spending trends despite a flat share performance over 2025. While the S&P 500 delivered a 12% total return during the year, Amazon shares remained roughly unchanged, underperforming the broader market. Evercore’s thesis rests on continued strength in e-commerce order growth—up 14% year-over-year in the fourth quarter—and steady expansion in Amazon Web Services, which generated an estimated $18 billion in revenue during Q4. The firm projects that AWS operating income will grow at a mid-teens percentage rate in 2026, driven by enterprise AI deployments and new data-center launches in Asia and Europe.

After Amazon’s late-October earnings report sent the stock to an all-time intraday high, shares retraced nearly 10% over the following six weeks and now trade just above year-ago levels. Chartists point to the $145 level—Amazon’s intra-day peak on October 27, 2025—as a key resistance zone, where previous breakouts stalled. With average daily volume at 5 million shares, momentum indicators have softened but remain above long-term trend lines. A sustained move above $145 could signal renewed institutional buying, while a drop below $130—a level that held during the August sell-off—might pressure sentiment into the first quarter of 2026.