Reported by Yahoo! Business
Consumers might see Amazon.com’s (AMZN) Prime Day as a joke, given the many humorous Tweets about last year’s deals. But investors are laughing all the way to the bank.
Amazon shares rocketed to a record on Friday, closing at $745.81, and the rise continued Monday afternoon, with share prices up another 1.25 percent. Shareholders have been rewarded with a 74 percent gain in the past year and a 4.2 percent rally to start July.
That all comes ahead of Tuesday’s second annual Prime Day, when subscribers will get access to over 100,000 deals.
Analysts project it will be Amazon’s biggest day ever. Countdown deals rolled out last week, and on Friday Amazon started offering specials to consumers ordering goods on the Echo smart speaker and other Alexa-powered devices.
While the shopping holiday results in sales of tens of millions of products, the longer-term strategy is for Amazon to pull more consumers into its universe of gadgets, services and content so they see less value in buying stuff anywhere else. Prime memberships increased 51 percent in 2015.
“As Amazon adds more benefits to Prime — such as faster delivery times with Prime Now, Prime Video, photo storage, music, and restaurants — we believe the service is helping Amazon to capture greater overall share of consumer wallets by building loyal users,” wrote Ronald Josey, an analyst at JMP Securities. He has a buy rating and price target of $775, or 3.9 percent above Friday’s closing price.
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