Amazon’s (NASDAQ: AMZN) prospects are soaring above the clouds, quite literally. The company took a leap further toward achieving its space dream by purchasing 83 planned space launches by three rocket companies to carry Amazon’s proposed fleet of internet satellites to orbit for a five-year duration.
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The initiative, which is called Project Kuiper, is leading the race along with SpaceX to launch broadband satellites into Earth’s orbit. This move places Amazon in a stronger competitive position against a similar service operated by aerospace technology company SpaceX.
Although the ecommerce giant is yet to launch any satellite into space, it has said that two preliminary models will be sent up this year. However, SpaceX’s Starlink internet service, which had already tested prototypes back in 2018, had sent up more than 1,900 ‘first-generation’ satellites by this past January. It has also garnered 250,000 subscribers for its internet service. Nonetheless, it looks like Amazon does not want to be too far behind, and is taking giant leaps to catch up.
Wall Street also seems to be strongly optimistic about Amazon, with a Strong Buy consensus rating based on 34 Buys and one Sell. The average AMZN price target is $4143.76, indicating an upside of 23.07% as of pre-Tuesday trading hours.
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