Sidelined Analyst Weighs in on Amazon (AMZN) 4th Annual Prime Day


Amazon (NASDAQ:AMZN) Prime Day is upon us. The sale officially kicked off Monday afternoon and runs through today. However, as Prime Day deals went live, Amazon experienced some major technical difficulties, which persisted for at least 2 hours, and minor difficulties lasted throughout the evening. Specifically, both the website and app were inaccessible for at least the first hour or two, and sporadic issues persisted into the evening.

KeyBanc analyst Edward Yruma noted, “The event was scheduled to last approximately six hours longer than last year, which should help offset any early weakness (last year, it was +60% y/y). Whole Foods is also part of the offer – with a $10 credit issued to Whole Foods shoppers that activated Prime benefits and shopped at WFM for the week leading up to Prime Day. Notably, we are seeing more of a competitive response, with other retailers also highlighting promotions.”

Yruma reiterates a Sector Weight (AKA Hold) rating on AMZN shares, without suggesting a price target.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Edward Yruma has a yearly average return of 10.8% and a 60% success rate. Yruma has a 25.5% average return when recommending AMZN, and is ranked #593 out of 4843 analysts.

Most of the Street is far more confident than Yruma’s sidelined stance, with TipRanks analytics showcasing AMZN as a Strong Buy. Based on 36 analysts polled in the last 3 months, 34 rate a Buy on Amazon stock while only 2 issue a Hold. The 12-month average price target stands at $1,902,38, marking a slight upside potential from where the stock is currently trading.

 

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