Amazon (NASDAQ:AMZN) stock is in the spotlight today after Jefferies analyst Brent Thill weighed in on the e-commerce company ahead of Prime Day.
According to the Jefferies analyst, AMZN stock is a “buy” leading up to Amazon Prime Day. In addition to that, Thill has a price target of $163 for AMZN stock. That’s a potential 39% upside for the shares.
So why is the Jefferies analyst taking a bullish stance on AMZN stock prior to Prime Day? Here’s what he said in a note obtained by Seeking Alpha:
We estimate that Prime Day will contribute $8.1B to GMV and $4.7B to Net Sales, which represents a 6%/4% tailwind to 3Q22 GMV/Sales growth. We see Prime Day helping to boost Prime adoption, especially in international markets, which have lower membership penetration and 3 new countries participating in 2022 Prime Day.
It’s worth mentioning that Prime Day is already underway with some special offers. However, the main event doesn’t start until July 12 and will last through the following day.
How does Thill’s stance on AMZN stock stack up to his peers? The analyst consensus for AMZN is “buy.” That’s based on 37 “buy” ratings, one “hold” rating, and two “sell” ratings. The consensus price target for AMZN is also sitting at $187.07 per share.
AMZN stock is down 1.7% as of noon Monday.
There’s more recent stock market news worth diving into below!
We’ve got all of the latest stock market news traders need to know about for Monday! That includes why shares of Acutus Medical (NASDAQ:AFIB), Costco (NASDAQ:COST), and Digital World Acquisition (NASDAQ:DWAC) stock today. You can read all of that news at the links below!
More Stock Market News for Monday
- Why Is Acutus Medical (AFIB) Stock Up 100% Today?
- COST Stock: What to Know About the Costco Patio Umbrellas Recall
- DWAC Stock Falls 10% on New Truth Social SPAC Subpoenas
On the date of publication, William White 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.