By Sam Boughedda
Amazon (NASDAQ:AMZN) announced the dates of its Prime Day event Thursday. With shares down 38% year-to-date, investors are asking if it will be a catalyst for the stock.
The highly anticipated two-day savings event, which is one of the biggest sales of the year, will be held on July the 12th and 13th, with early deals beginning on June 21.
“With the small businesses and national brands our members love and trust, we’re excited to offer some of our best Prime Day deals yet to even more customers around the world,” said Jamil Ghani, vice president of Amazon Prime. “This year, we’re making it simple for members to find the best deals, from personalized deal recommendations to Alexa reminders.”
On Wednesday, JPMorgan analyst Doug Anmuth said in a note to investors that Amazon is the firm's 'Best Idea' with notable enhancements to Prime over the past year.
The analyst estimated Amazon will have around 270 million Prime Members at the end of 2022.
"We estimate unbundling all of Prime’s components reveals a package worth ~$1,100/year, ~8x the actual $139 annual Prime cost in the US, +10% from our estimated ~$1,000 value in 2020 & double our ~$544 estimated value in 2016," said Anmuth.