Amazon Stock Gets Price Target Hike. Tech Giant Can ‘Unlock Billions In Savings.’
Amazon‘s (AMZN) robotics push could “unlock billions in savings” that could lead to higher profit margins, a Bank of America Securities analyst said Monday. BofA analyst Justin Post raised his price target for Amazon stock to 248 from 230.
Amazon now has more than “750,000 robots assisting with 75% of customer orders,” Post said in a client note Monday. He expects further robotics adoption will help boost efficiency for Amazon’s e-commerce operations. Warehouse robotics, as well as delivery drones that Amazon is testing in some markets, could drive $16 billion in annual cost savings by 2032, according to BofA estimates.
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