U.S. online sales rose 10% year-over-year to $7.9 billion on July 8, the first day of Amazon’s (AMZN) latest Prime Day sales event, according to data from Adobe Analytics.
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At that level, the current Prime Day is on pace to be the “single biggest e-commerce day so far this year,” said Adobe Analytics. It also eclipsed total online spending during the American Thanksgiving long weekend last year, when sales over that holiday period totaled $6.1 billion.
Amazon’s latest Prime Day extravaganza began on July 8 and runs until end of day on July 11. This is the first time that the sales event is stretched over four days. First launched in 2015, Amazon Prime Day has taken place over one or two days in the past.
Competing Retailers
Rival retailers Walmart (WMT) and Target (TGT) are also holding weeklong sales events to coincide with Amazon Prime Day as the companies vie for consumer dollars. According to Adobe Analytics, home and outdoor goods posted strong sales during the first day of Amazon’s discount event.
Other well-performing categories include beauty products and household essentials. Adobe expects online sales to reach $23.8 billion across all retailers during the 96-hour Amazon sales event, a level it says is “equivalent to two Black Fridays.” AMZN stock is up 2% this year.
Is AMZN Stock a Buy?
AMZN stock has a consensus Strong Buy rating among 46 Wall Street analysts. That rating is based on 45 Buy and one Hold recommendations assigned in the last three months. The average Amazon price target of $246.60 implies 10.75% upside from current levels.
