Sell-side on Mag-7 post-earnings: AMZN & GOOGL see PT raises across the board after stellar results, while MSFT is mixed, and META see numerous PT reductions

Amazon (AMZN): Closed at USD 263.04/shr

TD Cowen raised PT to USD 350 (prev. 300) and keeps a ‘Buy’ rating; Web Services accelerated further in Q1, and as such TD increased its revenue forecast for Amazon post report.
Barclays PT raised to USD 330 (prev. 300) and keeps an ‘Overweight’ rating; said AMZN is adding the most AI capacity of any Co. over the next few years. AI adoption is leading to more cloud workloads and "stable" operating margins at AWS, which should alleviate some concerns around capex.
KeyBanc raised PT to USD 330 (prev. 325) and keeps ‘Overweight’ rating; position reflects a stronger profit outlook in 2027, and believes AWS re-acceleration remains intact, as backlog's material Q/Q growth more than offsets the fact growth fell short of 30% Y/Y in Q1. Coupled with grocery momentum, ongoing progress in advertising and faster delivery speeds, and an emerging growth vector in Leo (its satellite internet subsidiary), KeyBanc sees multiple ways for Amazon to drive revenue growth and FCF.
Citi raised PT to USD 325 (prev. 285) and keeps a ‘Buy’ rating; "incrementally positive" on shares, and believes accelerating growth at Web Services, better retail demand, and expanding margins can continue going forward.
Pivotal Research raised PT to USD 320 (prev. 300) and keeps a ‘Buy’ rating; better than expected Q1 results, highlighted by "materially stronger than expected" revenue and op. income growth while leaving 2026 capex forecasts unchanged.
Wolfe Research raised PT to USD 320 (prev. 245) and keeps an ‘Outperform’ rating; reported a "clean beat and raise" Q1, and believes Amazon is "firing on all cylinders."
BofA raised PT to USD 310 (prev. 298) and keeps a ‘Buy’ rating; said a "solid" Q1 Retail beat and AWS +28% Y/Y, accelerating 4 points from Q4 and above St. consensus at 25%. Following, Q1 AWS margin beat and backlog growth disclosure, the firm expects more optimism on AWS capacity returns, warranting a higher multiple.

Meta (META): Closed at USD 669.12/shr

Barclays raised PT to USD 830 (prev. 800) and keeps an ‘Overweight’ rating; said Meta is growing twice as fast as the digital ad industry while "slimming down the Co., an incredible feat." Adds Cos. AI progress coming off the Muse Spark introduction brings confidence that its "massive" investments will pay off down the line.
TD Cowen lowers PT to USD 800 (prev. 820) and keeps a ‘Buy’ rating; Cos. ad revenue had another big quarter in Q1, but Meta upped its capex guidance. TD said Meta shares are down 7% on the higher capex guide and Q2 revenue outlook, which was slightly above consensus at the high end.
Cantor Fitzgerald lowers PT to USD 750 (prev. 850) and keeps an ‘Overweight’ rating; Q1 beat on both revenue and EBIT, with solid Q2 growth guidance despite macro headwinds, driven by continued AI-led improvements in user engagement and ad performance. While increased capex to support AI capacity may raise return concerns, the core advertising business remains strong with multiple avenues to monetize these investments over time.
JPMorgan lowers PT to USD 725 (prev. 825) and downgrades shares to ‘Neutral’ from ‘Overweight’; JPM "encouraged" by 33% Y/Y revenue growth in Q1, supported by AI-driven ad strength, but Cos. increased infrastructure spending and lack of visibility into its AI product pipeline warrant a downgrade. The firm believes Meta's full-stack AI competition from GOOGL and AMZN is intensifying. As such, META has a more challenging path to returns on its "heavy" AI capex beyond advertising. JPM believes shares could remain under pressure as investors look for greater clarity on Meta's agentic products and how Muse models will help drive sales beyond advertising.

Alphabet (GOOGL): Closed at USD 349.94/shr

Pivotal Research raised PT to USD 470 (prev. 420) and keeps a ‘Buy’ rating; "much stronger-than-exp. " Q1, incl. a 5th straight quarter of accelerating Y/Y search rev. growth of 19%. Stated Cos. cloud rev. growth accelerated for 4th straight quarter at 63% (exp. 48%), and as such Pivotal upped its search and cloud revenue forecasts "substantially," which it notes are partially offset by Alphabet's "materially higher" spending.
Citi raised PT to USD 447 (prev. 405) and keeps a ‘Buy’ rating; Cos. Q1 report show that AI is expanding its search and cloud demand, and Alphabet is also posting margin expansion.
BofA raised PT to USD 430 (prev. 370) and keeps a ‘Buy’ rating; cites a Q1 rev. and EPS beat driven by Search and Cloud upside. Another quarter of strong revs. and margins "reinforces our view that Google is a top AI play". The firm, which thinks search strength and Cloud backlog visibility "warrant a higher multiple," calls out the I/O Conference on May 19th, an upgraded Gemini model, consumer agentic launches, and new Cloud deals as among the next catalysts.
Stifel raised PT to USD 420 (prev. 387) and keeps a ‘Buy’ rating; Cloud growth significantly outpaced St. with 63% Y/Y growth (exp. 47%), while acceleration was also supported by better Search and Other rev. growth. Stifel continues to believe Alphabet is "the one to own in our group and key beneficiary of AI-led momentum."
Barclays raised PT to USD 405 (prev. 360) and keeps an ‘Overweight’ rating; said Alphabet's "incredible position across the entire AI stack" is leading to nearly all its key businesses posting "best-in-4-years" growth and margins. Co. controlling its AI infrastructure from models to cloud to accelerators is allowing its cloud and search to generate excess returns.

Sell-side on Microsoft (MSFT): Closed at USD 424.46/shr

Citi raised PT to USD 620 (prev. 600) and keeps a ‘Buy’ rating; said MSFT’s "strong" fiscal Q3 results show its core growth drivers of Azure and Copilot are "hitting an inflection point that is resulting in accelerating growth."
KeyBanc maintains PT at USD 600 and keeps an 'Overweight' rating; said the continually constrained Azure business is expected to accelerate growth next quarter and to north of 40% through H2 '26 while M365 Commercial Cloud growth guidance of 15-16% adj. would also be the second quarter of acceleration. KeyBanc adds, investors need something to show for the USD 190bln CapEx bill this year, and top-line acceleration is the something most cared about.
Barclays lowered PT to USD 545 (prev. 600) and keeps an ‘Overweight’ rating; sees the shares "starting to react better again." Azure is seeing a modest growth acceleration and Microsoft's spending comments "show healthy expansion driven by ongoing AI capacity shortage". Barclays believes Microsoft remains well positioned to benefit from the ongoing AI momentum.

CapEx Overview:

AMZN said in January that it expected 2026 CapEx to approach USD 200bln, and told investors on its earnings call that its plan remained “largely the same.”
GOOGL raised 2026 CapEx guidance to USD 180-190bln (prev. 175-185bln) and said 2027 CapEx is to significantly increase from 2026.
META lifted 2026 CapEx view to USD 125-145bln (prev. USD 115-135bln).
MSFT expects CapEx for 2026 to reach USD 190bln, incl. USD 25bln due to higher component pricing.
2026 Total from these four: USD 695-725bln.