It’s almost time for Amazon’s (AMZN) annual shopping extravaganza. The ecommerce giant’s Prime Day Event will take place this year on July 16-17, in what will represent its 10th edition.
Considering the current “ongoing inflationary maelstrom,” looking ahead to the 2024 version, Monness’s Brian White, an analyst ranked in 26th spot amongst the thousands of Wall Street stock pros, thinks the “iconic” event is set to reward Prime members “with a couple of days of respite.”
Each Prime Day is known to have its “own unique personality,” featuring special promotions and a new lineup of celebrities and this year will be no different. For this Prime Day, Amazon has enlisted Megan Thee Stallion for the promotional push, with a new song accurately called “It’s Prime Day,” along with a music video. Amazon Music started exclusively streaming the new song on June 25 as a bonus track for her album MEGAN, released on June 28.
Additionally, to attract new subscribers to its paid music service, Amazon is offering Prime members five months of Amazon Music Unlimited for free, representing the streaming platform’s “most generous Prime Day promotion ever.” Moreover, Amazon has enlisted other well-known personalities to promote this year’s shopping extravaganza. In the lead-up to Prime Day (July 8-15), Jess Sims, Alyssa McKay, Monet McMichael, Jared McCain, Millie Bobby Brown, Meredith Duxbury, and Alix Earle will all be introducing new deals.
As per usual, there are plenty of countries participating in this year’s gala, including the U.S., the U.K., the United Arab Emirates, Japan, Australia, Egypt, Canada and many from the EU. Similar to last year, Amazon intends to hold a Prime Day event for India later this summer. However, White notes that unlike last year’s lineup, China is “curiously absent” from this year’s list.
All told, White maintained a Buy rating on AMZN shares along with a $225 price target. Should the figure be met, investors will be pocketing returns of 16.5% a year from now. (To watch White’s track record, click here)
On Wall Street, Amazon holds a rather unique position, given the stock has plenty of coverage with all analysts in agreement. Based on Buys only – 42, in total – the stock naturally claims a Strong Buy consensus rating. The $221.7 average target is only slightly below White’s objective and set to generate returns of 15% over the next 12 months. (See Amazon stock forecast on TipRanks)
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Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
