Amazon’s Prime Big Deal Days sales event saw “record-breaking sales and Prime member participation” as consumers continue to hunt for deals amid a challenging spending environment, but while Amazon ran a “successful” sales event, JMP Securities tells investors in a research note that the sale is viewed as an elongation of holiday shopping and not a material driver of incremental revenue. The firm, which made no change to its Outperform rating and $265 price target on Amazon shares, says Amazon driving higher volume through its fulfillment network may help drive more durable margins in Q4.
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