Amazon's (AMZN) Prime Day Success Fuels BofA's Bullish $248 Price Target

Amazon.com, Inc. (NASDAQ:AMZN) is one of the AI Stocks Gaining Attention on Wall Street. On July 14, BofA Securities analyst Justin Post reiterated a Buy rating on the stock with a $248.00 price target following an analysis of Prime Day performance. The firm said it believes Amazon’s Prime Day was a success.

BofA estimates that Prime Day generated an estimated $21.4 billion in Gross Merchandise Value (GMV), a 60% year-over-year increase. The firm further noted that Prime Day lasted four days this year, which is double the days in 2024. This difference in days has affected yearly comparisons and led to average sales dropping by 20%, even though overall sales increased.

The analysis estimates that first-party sales growth will be 55% year-over-year to $11.45 billion. Moreover, it forecast third-party sales growth of 67% year-over-year to $9.95 billion during the shopping event.

“Also, we think initiatives like improved inventory placement & robotics likely drove fast shipping speeds (we received our orders in 1 to 2 days) and strong consumer satisfaction.”

Amazon.com Inc. (NASDAQ:AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions.

While we acknowledge the potential of AMZN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Trending AI Stocks on Wall Street and 10 Must-Watch AI Stocks on Wall Street.

Disclosure: None.