Famed investor Jim Cramer is all praise for Amazon (AMZN) as the e-commerce giant kicked off its much-anticipated Prime Day annual sale event on July 8.
The shopping marathon will run through July 11 and will offer special discounts to Prime members on millions of products from electronics to everyday items.
At the time of writing, Amazon stock is up well over 30% versus its year-to-date low set in late April.
Cramer sees Amazon as the “most inflation-fighting company on Earth” as the prices it’s offering on the widest variety of products this week are comparable to before the COVID-19 pandemic.
Using pre-pandemic levels as a benchmark makes sense since the global health crisis led to a sharp surge in inflation in the years after.
On “Squawk on the Street,” the former hedge fund manager agreed that Amazon shares haven’t done much in 2025 but recommended that investors still stick with AMZN for the long term.
Prime Day could serve as a much-needed catalyst for AMZN shares since the mega-sale this year is expected to see a 60% year-over-year increase in gross merchandise value (GMV) to $21.4 billion.
Ahead of the shopping marathon, Wells Fargo reiterated its “Equal Weight” rating on Amazon stock but raised its price target to $238, indicating potential upside of roughly 9% from here.
According to Ken Gawrelski – the firm’s senior analyst – Amazon will deliver consistent growth across its core segments (e-commerce, advertising, and cloud computing), which will help unlock further upside in its share price.
Investors could take heart in the fact that Wells Fargo, despite the upward revision, is still among the more conservative firms on AMZN stock.
According to Barchart, the consensus rating on Amazon shares actually sits at “Strong Buy” currently with the mean target of about $245 indicating potential upside of some 12% from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
