It looks like investors of Amazon (NASDAQ:AMZN) stock are getting same-day delivery of fast profits as AMZN stock caught a quick bid this morning. One contributing factor is an analyst’s lofty price target and positive rating on the shares. Moreover, the analyst is bracing for big sales as Amazon gets ready to host its second Prime Day sale this year.
The nation’s most popular e-commerce business hasn’t been so popular with investors in 2022, it seems. Amid a broad market selloff, technology-related stocks have been hammered and Amazon’s shareholders are feeling the pressure.
What they needed was a Wall Street influencer in their corner. Now, they have one as Jefferies analyst Brent Thill has some kind words for Amazon. First of all, Thill thrilled AMZN stock investors with a $165 price target. On top of that, the analyst reiterated his “buy” rating on the shares.
What’s Happening With AMZN Stock?
It was a relief rally and then some this morning as Amazon shares shot up 4% to 5% in early session trading. Indeed, the stock was red-hot as 15 million shares traded hands within an hour.
Sure, we can assume that Thill’s lofty price target is what sent Amazon’s shareholders into panic-buy mode. After all, if the shares rally from today’s $120-something to $165 over the next 12 months, that’s nothing to sneeze at.
Yet, there’s more to the story here. This month, Amazon is hosting its second Prime Day of 2022. Can the company keep the forward momentum going this time around, though?
Thill certainly believes so. To bolster his argument, Thill will gladly bring a package of stunning stats to your doorstep:
“82% of Prime subs would participate in a 2nd savings event this year, which is up from 59% for Prime Day. Additionally, 85% of participants who plan to participate in the 2nd event plan to spend over $50, which is up from 80% who spent >$50 on Prime Day.”
Now, that’s what I would call a prime profit opportunity. Still, we don’t know yet whether Thill’s prognostications will be spot-on or off-base. So, stay tuned as AMZN stock could be on the verge of an e-commerce-powered comeback in 2022’s final quarter.
On the date of publication, David Moadel 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.