Market News

Amazon Expands in Alabama with New Operational Sites

Amazon.com, Inc. (AMZN) has unveiled its plans for three new operations facilities in Alabama and launched a new fulfillment center for supporting customers across the state.  

Markedly, Amazon’s new Huntsville non-sortable fulfillment center is now open for business. Meanwhile, among the three new sites, the Birmingham delivery station is likely to be operational in November and will employ about 150 individuals. 

Additionally, the Huntsville XL fulfillment center is expected to open in 2022 and will provide more than 250 full-time jobs. Also, the Montgomery receive center, likely to open in 2022, will be an Inbound Cross Dock facility and is expected to provide more than 500 full-time jobs. 

Encouragingly, over 9,000 direct jobs statewide have been created by Amazon, and more than $1 billion was invested in Alabama in infrastructure and compensation to employees. Further, the company is on the verge to add more than 500 full-time jobs to its operation by the end of 2021. (See Amazon stock charts on TipRanks) 

Official Comments 

The VP of public policy at Amazon, Brian Huseman, said, “We are proud to continue our investment in Alabama with thousands of good jobs and new, state-of-the-art operations facilities…We look forward to continued investment as we innovate and grow to better serve our customers across the state.” 

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Wall Street’s Take 

Recently, Citigroup (C) analyst Jason Bazinet maintained a Buy rating on the stock but decreased the price target to $4,100 (14.65% upside potential) from $4,175.  

Following the third-quarter results, Bazinet updated his model but continues to foresee “ample room for growth” in Amazon’s business-to-business services. 

Consensus among analysts is a Strong Buy based on 29 unanimous Buys. The average Amazon price target of $4,075.34 implies 14% upside potential from current levels. Shares have gained 17.8% over the past year. 

Website Traffic 

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Amazon’s performance this quarter. According to the tool, the Amazon website recorded a 30.64% monthly decline, year-over-year, in global visits in October. 

Notably, year-to-date website growth, compared to year-to-date website growth in the previous year, came in at a decline of 2.39%.

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Aterian Posts Strong Q3 Revenues; Shares Gain 23.6%

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