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
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