Amazon stock forecast models for FY2024 project free cash flow surpassing $35B, driven by AWS profitability and improved capital allocation efficiency across its core and new ventures. Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements. 2. Amazon Web Services: Amazon Web Services is the world’s largest cloud provider. Additionally, it is Amazon’s most profitable business segment. However, the unit isn’t growing as fast as competing cloud services like Azure, offered by Microsoft Corp. ( NASDAQ: MSFT ), and Google Cloud, offered by Alphabet Inc. ( NASDAQ: GOOGL ). Nonetheless, Amazon is at risk of falling behind Microsoft before 2030 if it can’t stop market share losses. Nonetheless, it generated $107.6 billion in sales in 2024 and should remain in its position as the world’s largest cloud service. Amazon stock forecast highlights sustained revenue mix diversification, reducing reliance on core retail, with fintech, streaming, and health AI all forming potential new growth streams.