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Home News

Amazon.com Reports Strong Performance on Prime Day Sales Event

by Myfxtools
July 16, 2023
in News
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The outcome was well-received by Wall Street, with Citi analyst Ronald Josey noting in a research note that the positive results from Prime Day have increased his confidence in Amazon’s e-commerce business. Josey rates the stock as a Buy with a price target of $145. He also mentioned that the introduction of “Buy With Prime,” which allows merchants to showcase the Prime logo and delivery option on their websites, has contributed to higher conversion rates among shoppers.

Amazon’s stock witnessed a 1.1% increase, reaching $135.82 on Friday, and is poised to achieve its highest closing price since September 2022, according to Dow Jones Market Data. Year-to-date, the stock has recorded an impressive 62% gain.

Another analyst, Colin Sebastian from Baird, raised his price target on Amazon from $130 to $150 while maintaining an Outperform rating on the stock. Sebastian also revised his third-quarter consolidated revenue estimate by $2 billion, stating that despite more aggressive promotions, there was still a significant increase in sales volume during the Prime Day event.

On the other hand, BofA Securities analyst Justin Post, who had already anticipated strong results before the sales event, rates Amazon as a Buy with a price target of $154. Post mentioned that the solid unit growth observed during Prime Day also indicates a high level of customer satisfaction, strong new Prime subscription sign-ups, and positive effects on Prime retention rates.

Overall, Amazon’s performance during Prime Day has reaffirmed its position as a leading e-commerce player, delivering impressive results and gaining analysts’ confidence.

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