According to Bank of America, Amazon’s upcoming Prime Day is expected to generate strong sales and could lead to a positive reaction in the company’s stock. The annual shopping event, scheduled for July 15-16, is anticipated to drive significant revenue for Amazon as consumers take advantage of the exclusive deals and discounts available to Prime members.
Bank of America predicts that Prime Day could generate over $7 billion in global sales, representing a 25% increase compared to the previous year. The event has grown in popularity over the years, and this year’s Prime Day is expected to be no exception, with an extended duration of 48 hours to attract even more shoppers.
The bank also believes that a successful Prime Day could have a positive impact on Amazon’s stock performance. Historically, the company’s stock has shown a positive correlation with the success of Prime Day, with an average 2% increase in the month following the event. Positive sales figures and increased customer engagement during Prime Day could bolster investor confidence in Amazon’s ability to sustain its strong growth trajectory.
Overall, Bank of America remains optimistic about Amazon’s prospects, highlighting the company’s continued dominance in the e-commerce sector, strong customer loyalty through its Prime membership program, and its ongoing expansion into new markets and services. As Prime Day approaches, investors will be closely watching Amazon’s performance and the subsequent impact on its stock price.