Bank of America Doubles Down on Amazon Stock After Prime Day

Bank of America is doubling down on its confidence in Amazon (AMZN) stock following Prime Day, despite investor concerns about deal fatigue and softer shopping baskets. Analysts point to the company's resilient retail momentum.

Rating Change

Bank of America maintains its "Buy" rating on Amazon (AMZN) stock with a price target of $210, implying approximately 20% upside from current levels.

Analyst Rationale

Analysts believe investor concerns about Prime Day are overblown. Despite worries about promotional fatigue and smaller basket sizes, Amazon continues to attract customers and drive sales growth. The evolving sales calendar also helps sustain momentum.

Context

This reaffirmation comes after Prime Day data showed positive results, prompting other analysts to share a bullish outlook. Amazon (AMZN) shares rose 1.5% in after-hours trading following the report.

What to Make of It

Bank of America's stance reflects confidence in Amazon's ability to navigate seasonal challenges. Investors should monitor the company's next quarterly results to assess the sustainability of this momentum.