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Author: Alan LittleDate: 2020-10-08

Amazon (AMZN) shares up 2.21% ahead of Prime Day

 

Amazon (AMZN) shares climbed 2.21% in Wednesday’s trading after JPMorgan predicted that the e-commerce giant’s upcoming Prime Day would be very popular and drive a blowout quarter of sales.

Amazon will host its annual deal event on 13th-14th October this year after previously postponing it from the traditional summer slot in July.

JPMorgan analyst Doug Anmuth said that Amazon could generate upwards of $7.5bn during Prime Day, which would represent a 42% increase from last year.

Benchmark analyst Daniel Kurnos holds a similar view after claiming that consumers are already showing an “unabated, unprecedented e-commerce demand”.

Analysts believe that the event could kick off what is expected to be a particularly busy festive shopping season for some of the biggest online retailers.

Amazon shares have slipped 11% during the last month, despite rising 68% for the year overall.

Kurnos advised investors that the recent blip represents an “excellent entry point” after he added $125 to a new $3,800 price target.

Anmuth is also bullish after standing pat on an overweight rating and a $4,050 price target.

Morningstar analyst R.J Hottovy rounded out the positive calls by claiming that Amazon is still finding ways to evolve despite being a market leader.

He added: “Its operational efficiency, network effect, and a brand intangible asset give its marketplaces sustainable competitive advantages that few, if any, traditional retailers can match.”

Fellow e-commerce company eBay (EBAY) also got a boost in trading on Wednesday, rising 2.52% to $50.91.

There were also gains for Netflix (NFLX) after Pivotal Research offered a new Wall Street high price target of $600 for the streaming company.

Analyst Jeffrey Wlodarczak said that Netflix’s scale will enable it to invest in more programming and attract new subscribers.

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