Amazon’s (AMZN) shares rose over a percentage point on Black Friday despite the e-commerce giant’s warehouse workers in Germany launching a multi-city protest to demand better wages.
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According to Ver.di, a trade union that represents workers in service-sector jobs across Germany, about 3,000 warehouse workers are expected to participate in the demonstration. The demonstration comes on one of the biggest shopping days of the year, when retailers sell products at a discount and usually see larger-than-normal spending by consumers.
A spokesperson for Amazon told Reuters that the retailer does not expect the strike to have any impact on its sales. The e-commerce company also emphasized that it pays fair wages.
Organizers Plan Holiday Actions against Amazon
The protest comes as the Make Amazon Pay campaign has launched its annual campaign to stop what it calls “Amazon’s techno-authoritarian dystopia.” The campaign, which is in its sixth year, is spearheaded by UNI Global Union, a global trade union federation, and Progressive International, an international political network of left-wing activists and groups.
Heading into the holiday season, the group disclosed plans to launch protest actions from November 28 (Black Friday) to December 1 (Cyber Monday). The group on its website bemoans the “unholy alliance” between Big Tech and the far right.
“Together, they [Big Tech and the far-right] fuse the ruthless pursuit of profit with systems of control and violence,” the campaigners noted on their website. “It is an assault on democracy and freedom — in the workplace and beyond.”
Holiday Rush to Boost Online Sales
The protest comes as Salesforce’s (CRM) data indicated that discount deals by retailers such as Amazon and Walmart (WMT) will drive online sales during the U.S. Thanksgiving holiday weekend by 6% higher compared to the same period last year. Similarly, estimates from the National Retail Federation anticipate retail sales in November and December to increase by 3.7% year-over-year.
Is Amazon a Buy, Hold, or Sell?
On Wall Street, Amazon’s shares have a Strong Buy consensus rating based on 43 Buys and one Hold issued by 44 analysts over the past three months.
Moreover, the average AMZN price target of $295.23 implies over 27% growth potential from the current levels.
See more AMZN analyst ratings here.