Amazon (AMZN) is setting up a research and development center in Helsinki, Finland, to support its Amazon Scout delivery program. Amazon Scout is an autonomous electric delivery device the size of a small cooler. It rolls along sidewalks and moves at a walking pace to deliver packages to Amazon customers. It is currently doing deliveries in four locations in the U.S.
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The team at the Amazon Scout Development Center in Helsinki will focus on building 3D software. The software is intended to ensure the Scout can navigate safely around obstacles when delivering packages. Amazon also has a Scout research team in Seattle, U.S., and other research teams in Germany and the U.K. Those teams will collaborate on the 3D software project.
The Helsinki team will initially consist of about two dozen engineers, and Amazon plans to expand it in the future.
“The Amazon Scout team in Helsinki will grow over time. We’re now hiring engineers who are at the forefront of robotics and autonomous systems technology,” Amazon wrote in a blog post.
Amazon used the Helsinki Scout research center announcement to highlight its employment profile and economic impact in Europe. The company said it added 20,000 jobs in 2020, bringing its staff count to more than 135,000 people across 15 countries in Europe. (See Amazon stock chart on TipRanks).
Monness analyst Brian White recently reiterated a Buy rating with a price target of $4,500 on Amazon stock. White’s price target suggests 31.08% upside potential. The analyst remains bullish on Amazon but notes the potential regulatory headwinds the company may face in the future.
White notes that the House has crafted several bills targeting Big Tech and says some bills appear more consequential.
“In our view, the “Ending Platform Monopolies Act” appears highly relevant to Amazon,” said the analyst.
Consensus among analysts is a Strong Buy based on 31 Buys. The average Amazon price target of $4,309.33 implies 25.53% upside potential to current levels.
AMZN scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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