Amazon.com Inc (AMZN) launched earlier this week its Amazon Prime service in Poland, which offers free delivery and video streaming, while triggering a sell-off in shares of local e-commerce competitor Allegro.
“We are very pleased with the way Polish customers accepted the Amazon.pl service launched at the beginning of this year,” Mourad Taoufiki, CEO of Amazon.pl, was quoted as saying by Reuters.
The e-commerce giant said it had priced the Prime service at 49 zlotys ($12.35) per year.
Allegro’s Smart! service is also priced at 49 zlotys per year and offers free delivery on orders that exceed 40 zlotys.
mBank analyst Pawel Szpigiel considered Amazon’s announcement as a surprise that came only a few months after the e-commerce company launched its website in Poland.
Amazon shares closed with a slight change on NASDAQ on Tuesday. The stock inched up 0.03% ($1.03) to $3,247.33, after touching an intraday low at $3,237.63. The latter has been a price level not seen since October 6th ($3,198.62).
Shares of Amazon.com Inc have retreated 0.29% so far in 2021 compared with a 15.83% gain for the benchmark index, S&P 500 (SPX).
In 2020, Amazon.com Inc’s stock went up 76.26%, thus, it outperformed the S&P 500, which registered a 16.26% gain.
Analyst stock price forecast and recommendation
According to TipRanks, all 32 out of 32 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”. The median price target on the stock stands at $4,196.90.
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