One of the world’s largest e-commerce retailers, Amazon.com, Inc. (AMZN) announced that it will add around 1500 apprenticeships in its UK stores in 2022, according to Reuters. Shares of the tech giant closed at $3,012.25 on February 2.
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Amazon to Add More Jobs in the UK
Amazon said it will offer 40 multiple-level apprenticeship schemes ranging from entry-level to degree level spanning different areas of publishing, retailing, marketing, and for a program focused on environmental, social, and corporate governance (ESG).
In 2021, the cloud computing behemoth increased its permanent UK workforce to 70,000, exceeding its initial target of finishing the year with 55,000 permanent roles.
It had earlier proposed to add 10,000 jobs in 2021 and ended up hiring 15,000 additional roles for its fulfillment centers, sort centers, and delivery stations across the UK, as well as for corporate and research and development functions, the report said.
Since 2010, Amazon has claimed to have invested $43.3 billion (32 billion pounds) in the UK. In 2021, the company expanded into the UK with its first 17 physical outlets including 15 fresh food stores in London and two Amazon 4-star retail stores one each in London and Kent.
Analysts’ Take
Ahead of Amazon’s earnings scheduled for February 3, UBS analyst Kunal Madhukar lowered the price target on the stock to $4,550 (51.1% upside potential) from $4,700 while maintaining a Buy rating.
Although Madhukar remains optimistic about AMZN’s stock in 2H21, he is a bit conservative about the near-term earnings before interest and tax (EBIT) margin due to the inflationary pressures witnessed in Q4. Having said that, the analyst believes that in 2H22, Amazon will witness accelerated growth and favorable margins.
With 21 unanimous Buys, the stock commands a Strong Buy consensus rating. The average Amazon price target of $4,190 implies 39.1% upside potential to current levels. Shares have lost 5.5% over the past year.
Stock Investors
TipRanks’ Stock Investors tool shows that investor sentiment is currently Very Positive on Amazon.com, with 1.3% of portfolios tracked by TipRanks increasing their exposure to AMZN stock over the past 30 days.
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