The Amazon Globalstar deal is reportedly nearing a formal announcement, with Bloomberg reporting the company could confirm it as early as Tuesday. Goldman Sachs also cut its Amazon stock price target from $280 to $275 this week, keeping a Buy rating ahead of earnings. At the time of writing, AMZN trades at $239.89, still well below that revised target, and the AMZN stock forecast across Wall Street stays broadly bullish, with a Strong Buy consensus and price targets ranging from $175 to $360.
Also Read: BNP Paribas’s Nick Jones Sees Amazon Stock at $320 (50% Upside)
Amazon Globalstar Deal and AMZN Stock Outlook Amid Satellite Expansion
Amazon Moves to Close the Gap With Starlink
The Amazon Globalstar deal would hand the company a significant shortcut in the satellite race. Right now, Amazon Satellite Project Leo runs around 180 satellites, and the Amazon vs. Starlink gap tells the rest of the story: SpaceX operates more than 10,000. Acquiring Globalstar’s spectrum assets and ground infrastructure gets Amazon to scale far faster than building organically would allow, and the Amazon Globalstar deal also brings valuable L-band spectrum licenses across 120-plus countries.
Apple’s 20% stake complicates things, though. Apple put $1.5 billion into Globalstar back in 2024, and Amazon will also need the iPhone maker’s sign-off to close the Amazon Globalstar deal. Globalstar shares have surged 273% over the past 12 months as takeover speculation gathered momentum.
In his 2025 shareholder letter, Amazon CEO Andy Jassy stated:
“Apart from enabling this connectivity, Leo will offer three unique benefits. First, the performance will be stronger — about six to eight times better on uplink, and two times better on downlink — than what customers have access to now. Second, this performance will come at a lower cost than alternatives. And third, Leo will seamlessly integrate with AWS to enable enterprises and governments to move data back and forth for storage, analytics, and AI.”
Goldman Trims Amazon Stock Price Target, Wall Street Holds Firm
Goldman Sachs analyst Eric Sheridan trimmed the Amazon stock price target and flagged four focus areas going into earnings: AWS revenue growth and backlog trends, rising energy prices hitting logistics costs, the Amazon Globalstar deal and Amazon Satellite Project Leo’s commercialization timeline, and updates on advertising strategy. The AMZN stock forecast from Sheridan still implies meaningful upside from where the stock trades today, and broader Wall Street sentiment has not shifted.
AWS AI revenue also crossed a $15 billion annual run rate in Q1, and Amazon’s chip business now runs above $20 billion a year, growing at triple-digit rates. On the Amazon vs. Starlink front, Amazon Satellite Project Leo targets a commercial launch in mid-2026 and has already locked in Delta Airlines, AT&T, Vodafone, and NASA as customers.
Jassy also pushed back directly on concerns about the spending, writing:
“We’re not investing approximately $200 billion in capex in 2026 on a hunch.”
What to Watch as Earnings Approach
With the Amazon Globalstar deal still awaiting confirmation and earnings around the corner, investors right now have their eyes on two things: how fast the Amazon Globalstar deal reshapes the Amazon vs. Starlink contest, and what the updated AMZN stock forecast and Amazon stock price target say about the company’s satellite ambitions once Q1 numbers land.
