Italy’s antitrust authority has imposed a fine of as much as 10 million euros on two subsidiaries of Amazon in relation with alleged unfair commercial practices.
The US company “significantly restricted consumers’ freedom of choice” by automatically pre-setting a ‘Subscribe and Save’ option on its website for a range of products, according to the authority.
As a result, clients were more likely to opt for regular scheduled deliveries rather than one-off purchases.
“The pre-ticking of recurring purchase induces one to periodically buy a product – even without the effective need – thus limiting one’s freedom of choice,” the regulator said in a statement, cited by Reuters.
Meanwhile, the e-commerce giant said it would appeal the decision.
Stock Performance
The shares of Amazon.com Inc (AMZN) closed 1.64% ($2.95) lower at $176.59 on Nasdaq on Wednesday, as they snapped a two-day streak of gains.
The company’s total market cap now stands at $1.837 trillion.
The shares of Amazon.com Inc (AMZN) went up 80.88% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 16.22% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, all 42 surveyed investment analysts offering 12-month price targets for Amazon.com Inc’s stock had rated the latter as “Buy”. The median price target on the stock stands at $212.41, which translates into a 20.28% upside compared to the closing price on Wednesday.
The high point of the analyst forecast range stands at $230.00.
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