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Amazon's Prime Day is set to accelerate compared to last year and power the e-commerce giant to a blowout fourth quarter, JPMorgan said in a note to clients.
The firm kept Amazon as its top pick ahead of the event, which was pushed to mid-October this year due to the pandemic. That schedule makes Prime Day the front end of what is expected to be a busy holiday shopping season for e-commerce, the note said.
"The biggest difference this year is that Prime Day is running ~3 months later than its typical mid-July timing, & as such AMZN is promoting the event as an early start to holiday shopping vs. Prime Day's typical focus on summer & back-to-school shopping," the note said.