E-commerce giant Amazon (AMZN) has introduced a new warehouse robot system called Blue Jay, which is designed to do several tasks at once. Interestingly, the system uses robotic arms with suction cups that can pick up, sort, and group different types of items in one place. This combines what used to be three separate stations into one. Amazon says that Blue Jay is meant to help workers by reducing physical strain and by saving space. Moreover, it’s currently being tested in a South Carolina warehouse and can handle about 75% of the items stored there.
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However, the use of automation has led many to question how jobs will be impacted. Indeed, a recent New York Times (NYT) report said that the company could avoid hiring over 160,000 U.S. workers by 2027, while saving around $0.30 per item packed and delivered. Nevertheless, Amazon responded by saying that the report gave an incomplete view and only reflected one team’s plans, not the company’s full hiring strategy.
Outside the warehouse, Amazon is also adding new tech for its delivery drivers. More precisely, the company introduced smart glasses with AI, cameras, and sensors that help drivers scan packages, get directions, and even alert them to dogs on a property. In addition, the glasses include a vest-attached controller with an emergency button and were tested with hundreds of drivers during development.
What Is the Price Target for AMZN Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Amazon stock based on 42 Buys assigned in the past three months. Furthermore, the average AMZN stock price target of $268.08 per share implies 23.3% upside potential from current levels.
