Amazon's (AMZN) big satellite deal is getting flying approval from the always judgmental Wall Street.

Amazon said on Tuesday it would buy mobile satellite services (MSS) player Globalstar (GSAT) in an $11.57 billion deal. As part of the agreement, Amazon will acquire Globalstar's existing satellite operations and infrastructure, along with MSS spectrum licenses with global authorizations.

Globalstar currently operates a low-earth-orbit constellation of satellites in a Walker-24 configuration and competes directly with Elon Musk's Starlink (SPAX.PVT).

Amazon plans to operate Globalstar's existing and new satellite fleet alongside its Leo broadband system and its own planned direct-to-device system, which it aims to deploy beginning in 2028.

Amazon stock rose 3.8% on the session. Globalstar advanced 9.6%.

"Amazon is a great company, there's no doubt about that, and they are one of the leaders as far as this American economy goes and the global economy," Michael O'Rourke, chief market strategist at JonesTrading, said on Yahoo Finance's Opening Bid (video above). "And this acquisition today, you do have to wonder about whether telecom companies will have another threat out there in the future coming from Amazon with this space infrastructure they have now."

Whenever you get a deal of this dollar size, the scrutiny from investors and Wall Street will be even more intense, even if you are a fundamentally solid company like Amazon. The Street appears positive on this move by Amazon at first blush, despite the prospect that it could weigh on near-term profit margins as the operations are integrated.

Here are several perspectives from the Street that stood out to us.

Citi analyst Ronald Josey:

"Given Globalstar’s assets, spectrum, and operations, we believe this can significantly accelerate Leo’s full launch plans, capabilities (like direct-to-device, D2D), and product suite. As part of the acquisition, Amazon also announced an agreement for Leo to power satellite connectivity for iPhone and Apple Watch extending Globalstar’s existing partnership with Apple.

"Bigger picture, with Leo’s current 241 satellites in orbit and as the service nears its mid-year launch goal, we believe the strategic benefit of Leo to AWS and Amazon’s core retail offerings is likely to be more apparent, particularly as competition in the market is more limited."

Jefferies analyst Brent Thill:

"We remain constructive on Amazon Leo as a long-term moonshot opportunity. While Leo's constellation today is modest at just 200+ satellites in orbit, vs. Starlink with 10k+ launched satellites, Amazon expects to deploy a few thousand more satellites in the coming years.