Some analysts believe the rise in artificial-intelligence consumer agents could be an existential threat to Amazon.com's business. But not everyone on Wall Street is convinced this will be the case.

First there was Meta Platforms' AI consumer agent Muse and now OpenAI has fired back with its own product, called Dots. More agents are widely expected to arrive soon, potentially changing the landscape of online commerce.

That could be bad news for Amazon.

"As personal agents and AI shopping assistants compress the discovery and purchase funnel, concern is emerging that Amazon's retail media model is at risk of complete displacement," Rosenblatt analyst Scott Devitt said in a research note Wednesday.

That view, however, could be misguided, according to Devitt.

"We think this narrative is false, and this is not the first time Amazon has faced pressure against secular changes in consumer behavior. We have conviction that even if the advertising model changes, Amazon can navigate this period of transition largely unaffected," Devitt said.

The analyst raised his stock price target on Amazon to $360 from $335 and maintained his Buy rating on the shares. That price target represented 46% upside from the closing price of $246.67 from Tuesday.

Amazon stock fell 0.3% to $246.01 in premarket trading on Wednesday. Shares as of the closing bell on Tuesday have fallen 13% since closing at a recent high of $284.02 on Aug. 3. The stock also has gained about 7% this year as of Tuesday.