Tuesday, January 31, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Investing

Amazon’s Prime Day Event a Resounding Success, Says Analyst

Updates Finance by Updates Finance
July 19, 2022
in Investing
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Dividend Aristocrats In Focus: Colgate-Palmolive

Carvana Stock: More Fuel for the Bulls

How to Time Travel Back to 3% Rates on Your Next Buy

Shares of Amazon (NASDAQ: AMZN) have been on an upswing in the past month, up 6% fueled by its Prime Day event. Last week, Amazon declared the Prime Day event on July 12 and July 13, which was a stupendous success and stated that customers purchased more than 300 million items and spent around $3 billion.

According to Evercore analyst Mark Mahaney, this “implies over 20% Y/Y [year-over-year] growth in items sold vs. last year’s two-day Prime Day event.”

The analyst also pointed out that for AMZN, its items sold have grown at a compounded annual growth rate (CAGR) of 20% in the past three years, which was an “intrinsically high growth rate” and better than any other retailer.

Mahaney anticipates that Amazon generated around $8.2 billion in gross merchandise value (GMV) and $4.4 billion in terms of revenues over its two-day Prime Day event, making up 3% to 4% of the analyst’s revenue estimate for the fiscal third quarter.

Other Key Highlights of Amazon’s Prime Day Event

Mahaney highlighted some key trends from Amazon’s Prime Day event that bode well for the Internet retailing giant, which include the addition of three new countries this year. Mahaney believes that the company has been adding two new countries every year since 2019.

The analyst was also upbeat about premium brands on AMZN, including Apple Watch Series 7, beauty brands LANEIGE and NuFACE gaining traction, and the best-selling categories this year, including Amazon Devices, Consumer Electronics, and Home.

Wall Street Is Bullish about AMZN

Although Mahaney acknowledged that the macroeconomic environment remains tough, he remained bullish with a Buy rating and a price target of $180 on the stock. The analyst’s price target implies an upside potential of 56.7% at current levels.

Amazon also scored a Strong Buy consensus rating from Wall Street analysts based on 38 Buys and one Hold. The average Amazon price target of $176.38 implies an upside potential of 52.9% at current levels.

Conclusion

Judging from the success of the Prime Day event, it seems that Amazon is poised well to ride out the current macroeconomic volatility.

Amazon also scores a nine out of 10 on the TipRanks Smart Score system, indicating that the stock is highly likely to outperform the market.

The TipRanks Smart Score system is a data-driven, quantitative scoring system that analyses stocks on eight major parameters and comes up with a Smart Score ranging from 1 to 10. The higher the score, the more likely the stock will outperform the market.

Disclaimer



Source link

Tags: AmazonsAnalystdayEventPrimeResoundingSuccess
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

Dividend Aristocrats In Focus: Colgate-Palmolive

by Updates Finance
January 30, 2023
0

Updated on January 30th, 2023 by Nikolaos Sismanis Over time, the Dividend Aristocrats have proven to be among the best-performing dividend growth stocks in the entire market. Broadly...

Read more

Carvana Stock: More Fuel for the Bulls

by Updates Finance
January 30, 2023
0

Just a month into 2023 and shares of Carvana (NYSE:CVNA) are up by a hefty 108%. Those are indeed some impressive returns, but only tell a small part...

Read more

How to Time Travel Back to 3% Rates on Your Next Buy

by Updates Finance
January 30, 2023
0

With assumable mortgages, you can snag a three percent interest rate even in 2023’s high-interest environment. These loans exist everywhere around you—you could be sitting on an assumable...

Read more

Equity and Bond Correlations: Higher Than Assumed?

by Updates Finance
January 30, 2023
0

Introduction Investing can seem like an endless cycle of booms and busts. The markets and instruments may change — tulips in 1634, tech stocks in 2000, cryptocurrencies in...

Read more

The Housing Mania Is About to Meet Its End

by Updates Finance
January 29, 2023
0

Back in 2018, my wife and I made a big change.We hightailed it out of New York City and made our way down to South Florida.It’s one of...

Read more
Next Post

CFTC Ends McAfee’s Crypto Pump-and-Dump Charges, Fined Bodyguard $290K

Related News

Bankman-Fried’s ‘I screwed up’ script about penalties vs. jail: Lawyer

December 4, 2022

Deadliest year for Rohingya at sea in years as 180 presumed drowned By Reuters

December 26, 2022

Goa bar row: Charges ‘baseless, concocted’, says lawyer of Smriti Irani’s daughter

July 23, 2022

Browse by Category

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Recent News

  • Meta earnings report will provide hint at how online ads are doing
  • Intel’s 31TB SSD sees huge price drop at Walmart but it won’t fit your PC

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?