Analysts say Amazon's massive hiring spree in the wake of the COVID-19 outbreak suggests the company will have strong sales to report when it releases first-quarter earnings:
Analysts say Amazon.com Inc.’s massive hiring spree in the wake of the COVID-19 outbreak suggests that the e-commerce giant will have strong sales to report when it releases first-quarter earnings.The company announced on March 16 that it would bring on an additional 100,000 workers, a goal it fulfilled. On April 13, Amazon said it would hire 75,000 more.
Oppenheimer also sees benefits for Amazon in Target Corp.’s TGT, +1.91% business update, which included a 100% increase in digital sales for the quarter to date. SunTrust Robinson Humphrey analysts also raised their price target on Amazon shares, to $2,770 from $2,450.
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