By Dhirendra Tripathi
Investing.com – Amazon (NASDAQ:) shares rose 2% Wednesday, on potentially strong home e-commerce growth in the first quarter.
Cowen analyst John Blackledge talked to one of the largest home sellers on Amazon and Wayfair (NYSE:). Blackledge said the seller is expecting more than 20% year-on-year sales growth on Amazon. Cowen rates both Amazon and Wayfair as outperform.
The market didn’t react to the news the same way for Wayfair, which traded 3.7% lower.
The seller largely comprises outdoor home goods products and generates about 55% of its revenue on Amazon and 15% on Wayfair.
According to an April 6 note by JFD Bank, Amazon is trading above a newly formed upside line taken from the low of March. 5. “All these technical signs paint a positive short-term picture, in our view.”
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