Barclays upgrades AutoStore on Amazon deal, U.S. policy tailwinds

Barclays has upgraded warehouse automation specialist AutoStore to "overweight" from "equal weight," raising its price target to NOK20.50 from NOK18.20. The upgrade is primarily driven by AutoStore's expanding partnership with Amazon (AMZN), alongside supportive U.S. policy shifts that restrict Chinese robotics imports. Barclays raised its 2027-2028 sales and adjusted EBIT forecasts for AutoStore by roughly 2% on the back of resilient order intake and strong industry tailwinds. According to Barclays, the multi-year partnership with Amazon presents a potential revenue opportunity of approximately $300 million, which equates to over 40% of AutoStore's fiscal 2026 revenue guidance, assuming 20 Amazon fulfilment and distribution centers are equipped with its automated systems. AMZ Prep data indicates Amazon operates more than 1,300 logistics facilities globally, providing significant long-term expansion potential. Additionally, recent U.S. government restrictions banning imports of advanced Chinese autonomous mobile robots due to national security concerns create a major structural tailwind for AutoStore's competitive position across the North American market.