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Amazon and Best Buy Launch Insignia F50 Series Fire TVs
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Amazon and Best Buy Launch Insignia F50 Series Fire TVs

Ecommerce giant Amazon.com, Inc. (AMZN) recently announced the launch of a new lineup of Insignia F50 Series Fire TVs in collaboration with consumer electronics retailer Best Buy.

Following the news, shares of Amazon gained 1% in Tuesday’s trading session. However, it pared its gains slightly to close at $3,359 in the extended trading session.

The new TVs, which have features like quantum dot technology in 4K Ultra HD and Dolby Vision HDR, will be available at Best Buy stores and Amazon.com later this summer.

The Vice-President of Entertainment Devices & Services at Amazon, Daniel Rausch, said, “Our collaboration with Best Buy has grown over the last three years, allowing us to deliver our content-first Fire TV experience and Alexa features to customers through a diverse line of high-quality smart TVs. Today, we’re thrilled to further expand the Fire TV line with a new generation of Insignia – Fire TVs including the F50 Series.” (See Amazon stock chart on TipRanks)

On July 30, Piper Sandler analyst Thomas Champion reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $4,000 to $3,904, which implies upside potential of 16% from current levels.

According to Champion, the company’s second-quarter results were weaker than expected. Further, the company remains cautious about its growth in the third quarter on challenging comparables and greater mobility.

Consensus among analysts is a Strong Buy based on 31 unanimous Buys. The average Amazon price target of $4,217.71 implies upside potential of 25.3% from current levels.

Amazon scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares of the company have gained 7.3% over the past year.

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