Amazon is in tune with market dynamics and ready for a trade-down/promotional-driven holiday season, analyst says
Amazon.com Inc.’s stock is likely to gain in the fourth quarter after outperforming smaller rivals in the third quarter, boosted by another record Prime-like event in October, according to Benchmark.
Kurnos, who set a buy rating on Amazon stock, said he’s tracking internal tweaks at the e-commerce and cloud services giant aimed at improving profitability, which implies further near-term upside to operating margins. Forecasts for the coming holiday season and the state of the consumer are mixed. Recent studies from Deloitte and eMarketer — one was sponsored by Amazon Pay — both call for a return to double-digit growth and a return to more normalized spending patterns, despite price inflation and a less favorable economic outlook.A Klaviyo/Qualtrics study published in early August, in contrast, was far more negative and jelled more with broader sentiment by calling for a reduction in gifting this year.
“Again, barring a big drop-off in consumer behavior or an outsized ex-US impact, that could be an area of outperformance, especially considering another record holiday kickoff event, which could produce some revenue guidance outperformance assuming our other segment projections prove out,” he wrote.
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