Amazon Kuiper satellite broadband investments a 'compelling opportunity': BofA

Bank of America sees Amazon’s (NASDAQ:AMZN) investment in Project Kuiper, a low Earth orbit satellite broadband network, as a potential key revenue driver for the company.
The funding could lead to “potentially strong long-term margins given high startup costs.”
BofA says that Project Kuiper could deliver $7.1B in revenue for Amazon by 2032 assuming the company gains a 30% consumer share. For comparison, the bank noted that Starlink already has 6M customers.
BCG data mentioned in an analyst note said that the global satellite communications service market could approach $40B in revenue by 2030.
BofA added that Amazon could also see additional revenue streams from AWS enterprise and government customers who would use the Kuiper broadband.
The bank reiterated its buy rating on Amazon and $248 price target (~11% upside based on July 9 close).

Amazon Kuiper satellite broadband investments a ‘compelling opportunity’: BofA