Alphabet (GOOGL) subsidiary Wing has launched an app to help U.S. drone operators know where they can or can’t fly because of regulatory restrictions. The app called OpenSky is free to download from Google Play and the App Store.
The app also provides an easy way for drone operators to request and obtain Federal Aviation Administration (FAA) permission to fly in controlled airspaces, such as near airports. Operators can obtain FAA approval to access restricted airspaces within seconds using the OpenSky app. It could take weeks to obtain such authorization through the manual process.
There are about two million drones registered in the U.S., according to Wing. It says regulatory compliance will allow drones to share the sky safely.
“Moreover, compliance will ultimately expand the uses and benefits of drones–among them emergency response, commercial inspections and contactless delivery–to more people,” Wing said in a press release.
Wing is the Alphabet unit focused on drone delivery. It has been running tests in various countries, including the U.S. and Australia. Wing also hopes to benefit from the OpenSky app, which it previously launched in Australia for hobbyists and commercial drone operators in 2019. (See Alphabet stock chart on TipRanks).
Yesterday, Argus analyst Joseph Bonner reiterated a Buy rating with a price target of $2,800 on Alphabet stock. Bonner’s price target implies 14.50% upside potential. The analyst noted that while Alphabet faces antitrust scrutiny, the cases would take years to play out.
Additionally, Bonner observed that a divided U.S. Congress may make it difficult to achieve new antitrust legislation that poses a threat to Alphabet.
Consensus among analysts is a Strong Buy based on 28 Buys and 2 Holds. The average Alphabet price target of $2,785.97 implies 13.92% upside potential to current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on GOOGL, compared to a sector average of 69%.
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