Today is the first day of Amazon’s (NASDAQ:AMZN) Prime Day event, a two-day consumer event where you can shop the e-commerce platform for astoundingly good deals. Prime Day has been a holiday for the company for only the last six years, and its popularity has grown exponentially. And, as a huge driver of sales, shoppers aren’t the only ones walking away happy; AMZN investors are happy to see some healthy growth in their portfolios. So, what are Amazon (AMZN) price predictions looking like after this Prime Day?
In the hierarchy of corporation-manufactured holidays, Prime Day is the top dog. The two-day shopping fest allows consumers to get hundreds of products at discounts, and it is an important catalyst for AMZN stock.
Last year, Prime Day sales amounted to $10.4 billion, a 42.5% year-over-year increase from 2019. This year is supposed to be even bigger; the company is even hosting a concert event through Prime Video featuring some huge acts like Billie Eilish and H.E.R.
In late April, the company revealed its earnings from Q1 2021. The company saw a year-over-year sales increase of over $30 billion to $108.5 billion. Operating cash flow increased 69% to $67.2 billion over the last year as well, as compared to the $39.7 billion the company reported in 2020. Alongside these figures are pages and pages of highlights of the e-commerce giant’s other ventures, including the impressive growth of Amazon Prime Video and Amazon Web Services.
Amazon (AMZN) Price Predictions: Can AMZN Stock Reach Analysts’ Price Targets With Prime Day Catalyst?
Amazon is one of the biggest companies in the world; it’s constantly adding new initiatives to its business and readjusting its model to fit the needs of the consumer. As such, AMZN stock is a surefire bet for investors. But, where exactly is AMZN stock going in the near future? Let’s take a look at analysts’ Amazon (AMZN) price predictions:
- Michael Levine of Pivotal Research targets a price of $4,650 for AMZN stock.
- Doug Anmuth of JPMorgan Chase is predicting a $4,600 price target for Amazon.
- Wells Fargo analyst Brian Fitzgerald predicts a $4,500 price for the stock.
- Goldman Sachs’ Heath Terry is hunting down a $4,500 target for AMZN.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.