BUZZ-BofA expects Amazon to save billions in costs through robotics, hikes PO

Reuters

02 Jun

BUZZ-BofA expects Amazon to save billions in costs through robotics, hikes PO

** BofA Global Research raises Amazon's AMZN.O price objective to $248 from $230, says robots can lead to billions in savings

** Brokerage estimates up to $16 bln in annual savings by 2032 through AMZN leveraging robots to reduce labor dependency, increase order accuracy and improve warehouse efficiency

** BofA adds that AMZN reports 75% of orders receive robot assistance, eight new robots added in May

** "We think spatial awareness that enables robots to sort, pick, and pack could be a significant breakthrough for fulfillment and delivery, and expect Amazon to adopt these technologies well ahead of competitors aided by AWS' AI capabilities," says BofA

** Brokerage expects robots and drones to increase co's shipping speed and add to Amazon's long-term retail margins

** With session's moves, AMZN down 7.1% YTD

(Reporting by Twesha Dikshit)

((Twesha.Dikshit@thomsonreuters.com))

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