TipRanksStock Market NewsAMZN NewsAmazon’s AWS Teams with Telenor to Accelerate Telecommunications Modernization
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Amazon’s AWS Teams with Telenor to Accelerate Telecommunications Modernization

Amazon (AMZN) cloud computing unit Amazon Web Services and Telenor ASA (TELNY) have joined forces to enable more 5G and edge services in select industries. The agreement builds on a longstanding collaboration that seeks to enhance the modernization of telecommunications.

Amazon is a U.S. company that offers a platform for online shopping, in addition to offering cloud computing services. Amazon’s upcoming earnings report for Q4 2021 is scheduled for February 03, 2022. AMZN shares fell 1.65% to close at $3125.98 on January 19.

Modernizing Telecommunications

AWS and Telenor plan to continue innovating on behalf of customers, focusing primarily on areas of 5G for use in mobile private networks. As it stands, customers can set up an autonomous private 5G network, thanks to the network on wheels prototype powered by Amazon’s AWS.

Telenor comes into the agreement having implemented an entire mobile core in its virtual mobile network operator, Vimla. Powered by Amazon’s AWS, Vimla mobile core can enable innovative and valuable services. Vimla also leverages an array of Amazon cloud services, including AWS Lambda and AWS Transit Gateway, to offer better services to customers.

Working with the Amazon cloud unit should allow Telenor to continue advancing and modernizing the telecommunications industry. The two hope to build on their strength to offer robust and advanced cloud services.

Analysts’ Take

J.P.Morgan analyst Doug Anmuth has reiterated a Buy rating on Amazon, with a $4,350 price target implying 39.16% upside potential to current levels. Nonetheless, the analyst has trimmed Q1 and 2022 estimates, amid concerns about slowing consumer spending patterns on the platform. However, the analyst expects lower expectations to help de-risk shares.

While hedge fund activity decreased by 602.1k shares last quarter, Amazon stock performance has been strong, going by the 25.83% return on equity.

Consensus among analysts is a Strong Buy based on 30 Buy. The average Amazon price target of $4,157.76 implies 33.01% upside potential to current levels.

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