Roth Capital keeps a Buy rating on Amazon.com (AMZN) with a $285 price target after the company announced an agreement to acquire Globalstar (GSAT). Roth thinks Amazon is entering a “capital-intensive ‘catch-up phase,” which it says carries the highest execution risk. However, the Globalstar deal “meaningfully de-risks” Amazon’s spectrum rights, validates its deployment capability, and sets up a “massive” connectivity plus cloud adjacency opportunity, the analyst tells investors in a research note. The firm believes Amazon is positioning for a broader connectivity plus services platform.
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