Amazon Prime Day unit growth ‘intrinsically impressive,’ says Evercore ISI

Evercore ISI says the key disclosure in Amazon’s Prime Day release is that Prime members “purchased more than 375 million items worldwide,” which implies 25% year-over-year growth in items sold compared to last year’s Prime Day event. The analyst, who notes this is an acceleration from the consistent 20% year-over-year unit growth on Prime Days of the prior three years, calls this “an intrinsically high growth rate, and especially at AMZN‘s scale!” The firm, which estimates that Amazon generated about $11.9B in GMV and $6.2B in revenue over its two-day Prime Day holiday and views these results as “modestly better than we would have assumed,” reiterates an Outperform rating and $150 price target on Amazon shares.