Amazon (AMZN) announced that Amazon Web Services, Inc. (AWS) has teamed up with International Business Machines (IBM) to accelerate energy transition initiatives for the oil & gas Industry.
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Implications of the Collaboration
According to the terms of the agreement, IBM’s Open Data for Industries, IBM Cloud Pak for Data, and the AWS Cloud will be integrated to benefit the energy industry. (See Amazon stock charts on TipRanks)
The combination will help reduce data barriers for the energy companies and reduce the cost, time, and resources required to streamline their operations, further enabling a smooth transition to sustainable energy options.
Management Weighs In
Bill Vass, VP of Engineering at AWS, commented, “Much of the data needed to solve the complex energy challenges, such as superior subsurface decisions, already exists, yet is untapped. This is because one of the greatest values of that data is derived when it can be effectively combined, but usually this data is locked by data residency requirements, legacy applications or proprietary data formats.”
He added, “By collaborating with IBM and leveraging Red Hat OpenShift, we will be able to offer customers a global, seamless offering with the flexibility to run on virtually any IT infrastructure and drive longer-term digital innovation.”
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Wall Street’s Take
Consensus among analysts is a Strong Buy based on 30 unanimous Buys. The average Amazon price target of $4,088.17 implies 15.3% upside potential to current levels.
AMZN scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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