On November 20, we noted:
“With the holidays just weeks away, keep an eye on Amazon. For one, after gapping from about $215 to $200, the stock appears to have caught strong support again and could easily refill its gap immediate term. Two, in most years, Amazon is a no-brainer stock to buy and hold for the holiday rush. In fact, except 2022, the e-commerce giant has historically pushed higher heading into the holidays, which we expect to happen again this year.”
At the time, AMZN traded at about $200.
Today, as expected, it’s now back up to $211.45 and could easily see $220 this holiday season.
Remember, according to eMarketer, U.S. holiday sales are expected to accelerate. “Total US retail sales for November and December 2024 will increase by a healthy 4.8% YoY to reach $1.353 trillion, with e-commerce growing at nearly twice that rate.”
And, according to Forrester, “U.S. Online Holiday Retail Forecast 2024,” total holiday retail sales in the U.S. will grow 3.7% year-over-year and reach $1 trillion in 2024, up from $964 billion during the 2023 holiday season, as noted by ChainStoreAge.com.
Sincerely,
Ian Cooper
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