Amazon Care to Expand in 2022 Amid Strong Demand

Amazon (AMZN) is expanding its personal care services Amazon Care to more cities amid strong demand. Soon, the company will offer patient-centric health care services to customers in more than 20 new cities as part of the expansion drive. AMZN shares rose 2.20% to close at $3,228.27 on February 8.

Amazon is an online retail company that offers a wide array of consumer products. It also offers subscription services such as Amazon Prime and Amazon Web Services. Amazon’s upcoming earnings report for Q1 2022 is scheduled for April 28, 2022.

Amazon Care Expansion

While virtual health services under Amazon Care are available nationwide, the tech giant wants to offer in-person services in more cities this year. Some of the cities that the company is targeting include San Francisco, Miami, Chicago, and New York City. Amazon is investing in growing its clinical care team for in-person services.

According to Amazon, the healthcare offering is well-positioned to offer quality services as it combines all the positive attributes of virtual care and in-person care. The offerings should allow customers to receive a wide range of in-person care from the comfort of their homes.

Amazon Care has already become a partner of choice of most organizations looking to advance workplace benefits. Some of the high-profile brands that have signed up for the service include Silicon Labs, True Blue, and Whole Foods.

Stock Rating

Morgan Stanley analyst Brian Nowak recently reiterated a Buy rating on Amazon stock with a $4,200 price target, implying 30.10% upside potential to current levels. According to the analyst, Amazon repurchasing $1.3 billion of stock in January is a positive sign about equity value.

Consensus among analysts is a Strong Buy based on 32 Buys. The average Amazon price target of $4,201.17 implies 30.14% upside potential to current levels.

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