Amazon Shares Jump 2.5% as Prime Day Sales Aim for $26.3B
AMZN•Amazon shares jumped 2.48% as Prime Day Day Two kicks off a four-day event forecasted to generate $26.3 billion in online sales, supported by new Alexa for Shopping conversion gains. Analyst Brian Pitz reiterated Buy with $355 target after Q1 revenue rose 17% to $181.5 billion and AWS grew 28%.
1. Prime Day Performance
Amazon rose 2.48% intraday on June 24 as Prime Day Day Two commenced. Industry forecasts project $26.3 billion in online sales over the four-day event, with Bank of America modeling $21.6 billion in gross merchandise value.
2. Alexa for Shopping Integration
Introduced in May 2026, Alexa for Shopping personalizes deal recommendations based on user history. Early conversion data shows higher purchase rates with similar browsing levels, underscoring Amazon’s push into voice-driven commerce.
3. Analyst Outlook and Valuation
Brian Pitz reiterated a Buy rating with a $355 price target, highlighting AI initiatives and cloud strength. In Q1, revenue climbed 17% to $181.5 billion, led by AWS’s 28% year-over-year growth.
4. Market Context
The broader U.S. market recovered from a prior tech-driven selloff, reversing a 579.56-point Nasdaq drop and supporting Amazon’s share gains. Positive sentiment around consumer spending and AI investment further bolstered trading.
