Truist stated that Amazon’s North American revenue is tracking approximately $1 billion ahead of the consensus estimate of $105 billion, according to its card data through September 6.
Amazon.com (AMZN) shares rose nearly 2% during midday trading after Truist Securities raised its price target on the stock to $270 from $250, citing strong revenue growth and no slowdown in demand.
Truist maintained a ‘Buy’ rating on the shares, according to TheFly. Amazon’s North America revenue is tracking about $1 billion ahead of the consensus of $105 billion, according to Truist Card Data through September 6. The firm noted that this implies a 10% year-over-year growth, which is virtually in line with the second quarter’s level of 11%.
Retail sentiment on Amazon remained unchanged in the ‘extremely bullish’ territory, with message volumes at ‘high’ levels, according to data from Stocktwits.
The average order value and order frequency in August were also flat, up 6% year-over-year, respectively, Truist said, adding that this reflects no attenuation of demand so far and no notable increases in average sales prices. The firm noted that this was a testament to the company’s expansive offering, its marketplace model, and its superior logistics.
The retail user message count on Amazon increased by 279% in the last 24 hours, as of Tuesday morning, according to Stocktwits data. Earlier in the day, Amazon announced “Prime Big Deal Days” for October 7-8, kicking off the holiday shopping season with deep discounts and deals.
A bullish user on Stocktwits expects the stock to trade above $235 on Tuesday.
Separately, a dietitian platform in the U.S., Fay said, has partnered with Amazon to offer its nutrition care service on the company’s digital health platform. The firm stated that this enables Amazon customers who are eligible for Fay services to enroll in its personalized, insurance-covered nutrition care while browsing for wellness and nutrition services.
Shares of Amazon have gained over 7% this year and jumped nearly 26% in the last 12 months.
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