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The Federal Communications Commission (FCC) has granted Amazon (AMZN) permission to go ahead with its plan to make a radar-based sleep tracking device. Amazon intends to make a device that uses radar sensors to monitor peoples' sleep motions in a three-dimensional space. The device would be able to be operated by gestures.
The FCC granted similar approval to Alphabet’s (GOOGL) Google in 2018, allowing it to use mobile radar in products like the Pixel smartphones to enable touchless controls. The regulator believes extending the approval to Amazon would benefit American consumers by increasing competition in the radar-based sleep tracking market.
Amazon’s device would enable contactless sleep tracking. The device would operate at the same power level permitted for Google’s devices.
Amazon’s proposed device would require connection to a power source, which may explain why the company describes it as “non-mobile.” The company has not revealed when it plans to launch its radar-enabled sleep monitoring device to the market. (See Amazon stock charts on TipRanks).
On July 9, Argus analyst Jim Kelleher reaffirmed a Buy rating on Amazon stock with a price target of $4,000. Kelleher’s price target suggests 7.55% upside potential. The analyst reiterated the bullish view on Amazon after Andy Jassy, who has been running Amazon’s cloud computing business, took over as the tech giant’s CEO.
Additionally, the analyst sees Amazon as a possible beneficiary of the Pentagon’s decision to cancel the $10 billion JEDI contract it had earlier awarded to Microsoft.
"Amazon.com has begun a new era with Andy Jassy as CEO. Founder Jeff Bezos has transitioned to the role of executive chairman. CEO Jassy is one of the founding architects of Amazon Web Services, and, as such, has deep experience with what is by far Amazon's most profitable business. A potential downside could emerge if Congressional action forces Amazon to divest its AWS business, but that is at best a distant threat," commented Kelleher.
Consensus among analysts is a Strong Buy based on 32 Buys. The average Amazon price target of $4,299.35 implies 15.59% upside potential to current levels.
AMZN scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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