It’s been said that if you want something done right, the best place to go is to someone who’s already done it. Amazon (NASDAQ:AMZN) seems to be taking that message to heart as it’s turning to an unlikely bedfellow to get its Project Kuiper system up and running: SpaceX.
If that idea just made you suddenly question reality, you’re not alone. Yes, SpaceX is running pretty much the exact same project that Amazon is right now, with its Starlink system. And yes, Amazon bought three space launches from SpaceX to help get Project Kuiper satellites in orbit that will, ultimately, serve as a competitor to Starlink.
SpaceX is serving as something of a secondary supplier; Amazon already has 77 heavy-lift rockets from not only Blue Origin but also from Arianespace and the United Launch Alliance. Those 77 rockets were enough to get most of the satellites up, but SpaceX’s support will help get the last few in place.
Things Get Even Stranger at Amazon
As strange as it may seem to tap your competitor for help getting your project set up, that’s really only the beginning. Amazon rolled out a new plan to get heavily discounted holiday flights to Amazon Prime Student members; flights as cheap as $25 a ticket. Given what an airline ticket normally goes for, that’s an enormous discount. Of course, it comes with several caveats, and reports suggest they’ll sell out rapidly.
Meanwhile, Amazon took something of a black eye as one of its delivery drivers picked up a family’s dog that was on the loose. Despite the family’s objections, reports note, the driver ended up taking the dog back to Amazon’s Lawrenceville warehouse, and eventually, the dog was returned to its family. Amazon is investigating the matter as it, apparently, went contrary to established training protocols.
Is Amazon Stock a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 42 Buys assigned in the past three months, as indicated by the graphic below. After a 56.1% rally in its share price over the past year, the average AMZN price target of $176.50 per share implies 20.15% upside potential.