E-commerce giant Amazon (AMZN) is seeing its stock fall at the time of writing after a report from Momentum Commerce stated that Prime Day sales dropped by 14% during the first four hours compared to the same time last year. This drop might be because Amazon doubled the length of Prime Day this year, stretching it to four days, which could have spread out customer spending. Another factor may be that fewer deals went live right at the beginning, which likely reduced the sense of urgency among consumers.

Interestingly, this slower start contrasts with earlier predictions that Prime Day sales would grow by double digits this year. Amazon hasn’t yet responded directly to the report, but in an earlier statement, a company spokesperson said that Amazon is continuing to support its many different sellers during a changing retail environment. The company also said that it remains committed to offering customers low prices and a wide selection of products.

Even with the early sales dip, analysts at Wells Fargo still see strong potential in Amazon’s stock. Indeed, they called it one of the best short-term opportunities among big internet companies ahead of second-quarter earnings. As a result, Wells Fargo, led by five-star analyst Ken Gawrelski, raised its 2025 and 2026 revenue forecasts by 1%, partly because of a helpful boost from currency exchange rates. The firm also raised its price target on the stock to $238.

Turning to Wall Street, analysts have a Strong Buy consensus rating on Amazon stock based on 45 Buys and one Hold assigned in the past three months. Furthermore, the average AMZN stock price target of $245.48 per share implies 11.1% upside potential from current levels.

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