Shares of Amazon.com Inc. AMZN climbed 1.9% toward a 9 1/2-month high in afternoon trading Friday, putting them on track to produce a four-month winning streak. The stock has rallied 8.1% in June, as investors gird for the ecommerce giant’s annual Prime Day sales event in mid-July. The stock has soared 38.3% over the past four months, compared with a 12.3% rise in the S&P 500 SPX over the same period. That would be the longest monthly win streak for Amazon’s stock since the four-month stretch that ended January 2020, which was before the COVID-19 pandemic. It would also be the stock’s best four-month performance since it shot up 39.5% in August 2020, boosted by the COVID-induced explosion in online shopping. J.P. Morgan analyst Doug Anmuth reiterated overweight rating in a recent note to clients, saying he projects Amazon to get about a $5 billion revenue boost from next month’s Prime Day, or about 13% more than last year. “Importantly, 2023 is tracking toward the fastest Prime delivery speeds ever, which we believe helps drive higher customer consideration and purchase frequency,” Anmuth wrote.
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