Market News

Amazon’s (NASDAQ: AMZN) iRobot Deal Could Be Blocked

According to an Axios report, a group of lawmakers led by Senator Elizabeth Warren has asked the Federal Trade Commission (FTC) to block Amazon’s (NASDAQ: AMZN) proposed acquisition of iRobot (IRBT).

According to the report, the FTC is conducting an extensive review of the deal. Senator Warren stated her concerns regarding the deal.

She commented, “I have serious concerns about the Amazon-iRobot deal — dominant companies like Amazon shouldn’t be allowed to just buy their way out of competing. The FTC should oppose this proposed merger to protect competition, lower consumer prices, and rein in Amazon’s well-documented anticompetitive activities.”

Amazon announced the acquisition of IRBT last month for $61 per share in an all-cash transaction valued at around $1.7 billion.

What is the Prediction for Amazon Stock?

Turning to Wall Street, Amazon stock has a Strong Buy consensus rating based on 35 Buys and one Hold assigned in the past three months.

The average Amazon stock price target of $172.67 implies a 51.6% upside potential.

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