Starting on October 11, Amazon (NASDAQ: AMZN) will begin a new event to attract customers: Prime Early Access Sale. It will be a two-day global shopping event exclusive to Prime members with a “Top 100 list of some of the season’s most popular and giftable items.” A sneak peek of the top deals was unveiled yesterday. The event will be available across 15 countries.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
According to the company press release, the event will showcase “holiday deals, including on must-have brands like Peloton and New Balance, and Amazon’s lowest prices of the year on select products from brands like Caudalie, Murad, and Philips Sonicare.”
While the new event could give a boost to AMZN’s slowing sales, let’s see what Wall Street thinks of Amazon.
Monness analyst Brian White believes that “Amazon is well positioned as a key beneficiary of digital transformation; however, the economy appears to be in a recession, regulatory headwinds persist, equity markets are tumultuous, and the geopolitical landscape treacherous.” He reaffirms his Buy rating and the price target of $172 (42.98% upside potential).
Another analyst, Doug Anmuth from JPMorgan (NYSE:JPM), continues to rate Amazon as his favorite pick. Anmuth expects “revenue acceleration, margin expansion, and capex moderation to drive significant free cash flow in 2023.”
Is Amazon a Buy, Sell or Hold?
The Wall Street community is clearly optimistic about Amazon Stock. Overall, the stock commands a Strong Buy consensus rating based on 35 Buys and one Hold. Amazon’s average price target of $171.94 implies 42.93% upside potential from current levels.
Further, TipRanks’ Stock Investors tool shows that investors currently have a positive stance on Amazon, with 1.1% of investors on TipRanks increasing their exposure to AMZN stock over the past 30 days.
Conclusion
The results from the two-day event will reflect whether Amazon is able to make the breakthrough in terms of sales and volumes this year, given the turbulent macro environment.
