Amazon.com AMZN has been continuously putting efforts into strengthening its Fire TV portfolio.
This is evident from the latest introduction of three sizes, 43”, 50” and 55”, in the Fire TV Omni QLED series.
Fire TV Omni QLED series comes with a 4K Quantum Dot Technology display. The series also supports Dolby Vision IQ and HDR10+ Adaptive.
The new Amazon-built TVs feature Fire TV Ambient Experience, which leverages built-in presence sensors to detect someone entering the room when not streaming. It also displays useful information with the help of Alexa, controls smart devices and plays audio. Also, users can control the Ambient Experience hands-free with Alexa.
In addition, Amazon has rolled out a Fire TV 2-Series, which offers both Fire TV and Alexa experience. The Fire TV 2-Series TVs are available in two sizes, 32” and 40”.
The Fire TV-2 series supports HDR 10, HLG, and Dolby Digital Audio. Further, it provides access to several movies and TV episodes from Prime Video, Netflix, Apple TV and Paramount+, to name a few.
Apart from these, the company expanded its Fire TV offerings globally. It launched Omni QLED Series, Fire TV 4-Series and Fire TV 2-Series in the U.K., Germany and Mexico.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Expanding Amazon-built TV offerings, along with a growing global footprint positions Amazon well to capitalize on the growth prospects in the booming smart TV market.
The company’s number of Fire TV devices sold has exceeded the mark of 200 million worldwide.
This is expected to drive its top-line growth in the near term.
The Zacks Consensus Estimate for first-quarter 2023 sales is pegged at $124.43 billion, indicating growth of 6.9% from the year-ago reported figure.
According to a report from Verified Market Research, the global smart TV market is anticipated to hit $359.14 billion by 2030, seeing a CAGR of 7.3% between 2022 and 2030.
A report from Grand View Research indicates that the market is likely to witness a CAGR of 11.4% between 2023 and 2030.
We believe that Amazon’s solid prospects in this promising market will help it win investors’ confidence in the days ahead.
Coming to the price performance, AMZN has lost 39.6% in the past year compared with the industry’s decline of 33%.
Given the upbeat scenario, not only Amazon but also its peer, Apple AAPL, is leaving no stone unturned to expand its presence in this market.
The iPhone maker’s latest Apple TV 4K, which supports HDR10+ and Dolby vision and comes with a Siri remote, offers a superior quality viewing experience to users. Also, users can enjoy Dolby Atmos, Dolby Digital 7.1 or Dolby Digital 5.1 with Apple TV 4K.
It works seamlessly with other Apple devices and offers access to Apple Music, Apple TV+, Apple Arcade and Apple Fitness+.
Zacks Rank & Stocks to Consider
Amazon currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the retail-wholesale sector are American Eagle Outfitters AEO and Booking Holdings BKNG. Both companies carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Eagle Outfitters' shares have lost 26.8% in the past year. The long-term earnings growth rate for AEO is projected at 12.59%.
Booking Holdings' shares have gained 13.1% in the past year. The long-term earnings growth rate for BKNG is projected at 16.67%.
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