Emarketer predicts that Amazon's golden day in 2020 could generate nearly $10 billion in sales, marking the start of the holiday shopping season.In its first gold day forecast, emarketer expects sales of $9.91 billion, including $6.17 billion in the United States.
Amazon Prime day will be held on October 13 and 14. This is usually a summer event, but was delayed by a coronavirus pandemic.
"Despite the uncertain economic situation, consumers will continue to invest heavily in e-commerce and actively seek trading opportunities before the holidays," emarketer wrote
Amazon doesn't usually disclose sales data for prime day events.
JPMorgan analysts expect revenue to be about $7.5 billion this year, up from last year's $5.3 billion forecast.
"It's important that we believe Amazon will benefit from the early start of holiday shopping, and gold day represents a 'good' pull, helping to keep demand steady through the fourth quarter," JPMorgan said
"We expect online shopping to accelerate further this holiday season, and Amazon has entered its busiest quarter and has seen huge demand and delivery time have not yet returned to pre-2019 coronavirus levels. We believe, however, that Amazon is ready to cope with the holiday shopping frenzy, expanding its warehouse space by 50%—— including 100 new operating buildings in September —— while Amazon Logistics (AMZL) will deliver more than 50% of packages from Amazon's logistics center, thus reducing its dependence on third-party shippers ."
J.P. Morgan rated Amazon's shares as overweight, with a target price of $4,050.