Amazon plans to expand its Boston Tech Hub and create over 3,000 new jobs over the next several years in the process. Amazon has invested more than $6 billion over the last 10 years in Massachusetts, while creating more than 20,000 jobs throughout the company.
The 3,000 new roles will add to the already more than 3,700 current positions at Amazon’s (AMZN) Boston Tech Hub and will span across technology roles including software development and AI, to non-tech roles like HR and finance.
“We’re proud to be creating more than 3,000 new jobs over the next several years at our Boston Tech Hub,” said Rohit Prasad, Vice President & Head Scientist for Alexa at Amazon. “We look forward to continuing to be a strong community partner, helping to grow and diversify the local economy, and create new opportunities for Boston and its residents.”
Amazon leased a 17-story, 630,000 square foot office tower that will include working space, innovation labs, and mixed-use common areas for Amazon employees.
What’s more, Amazon’s investments in Massachusetts have contributed an additional $5.3 billion to the local economy and have allowed small and medium businesses to expand their operations with Amazon.
Boston Mayor, Martin Walsh, said, “By further expanding its Boston Tech Hub, Amazon is continuing to create new economic opportunities in our City…This expansion will grow our technology workforce and support a strong pipeline of diverse talent and a range of new jobs and opportunities for Boston residents.” (See AMZN stock analysis on TipRanks)
Credit Suisse analyst Stephen Ju reiterated his Buy rating on AMZN last week and raised his price target to $3,860 from $3,750. This implies upside potential of around 16% from current levels.
Ju highlights the increase in consumer comfort when it comes to purchasing online. He believes that Amazon is more competitively positioned compared to its internet peers to capture the e-commerce/online purchase market.
Consensus among analysts is a Strong Buy based on 31 Buys and 1 Hold. The average price target of $3,831.32 implies upside potential of around 15% over the next 12 months.
Amazon scores a 9 out of 10 on TipRanks Smart Score, which implies that AMZN has a strong likelihood of beating market expectations.
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