Amazon’s (AMZN) on-demand cloud computing platform, Amazon Web Services (AWS), has been selected as the official cloud, machine learning, and artificial intelligence provider by Ferrari (RACE).
With this deal, Ferrari seeks to take advantage of AWS’ high-performance computing (HPC) technology, which will allow Ferrari to test thousands of car designs. As a result, Ferrari will be able to gather information on car performance under a wide variety of driving conditions and racing scenarios.
Both the companies are also looking forward to speeding up innovation across the entire Ferrari organization, including the road cars department, GT Competitions, the Ferrari Challenge, and the Scuderia Ferrari FORMULA 1 (F1) team. (See Amazon stock chart on TipRanks)
Moreover, for F1 racing fans, the luxury sports car maker seeks to launch a digital fan engagement platform, which will provide fans access to some exclusive content, such as virtual access to the Scuderia Ferrari garage and hospitality suite on race days.
“As our Official Cloud Provider, I firmly believe AWS will enable our company to become a data-driven organization that uses the power of technology to improve our products, increase engagement with Ferrari enthusiasts worldwide, and deliver continuously more exciting driving experiences,” said Mattia Binotto, Principal of Scuderia Ferrari.
Matt Garman, Senior Vice President of sales and marketing at Amazon Web Services, commented, “Ferrari can rely on AWS to help them take driving and racing to the next level, while generating fresh excitement among their global community through more personalization and new digital experiences.”
On June 9, Tigress Financial analyst Ivan Feinseth reiterated a Buy rating on Amazon stock with a price target of $4,370. The analyst’s price target implies 25% upside potential.
Feinseth noted, “AWS continues to experience solid revenue growth driven by ongoing new customer wins and increasing enterprise adoption to its powerful, technologically advanced Cloud platform.”
Consensus among analysts is a Strong Buy based on 32 Buys. The Amazon average analyst price target of $4,297.58 implies 23% 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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