Amazon (AMZN) Stock Gets Pulled Into DOJ Beef Price Investigation

TLDR

• The DOJ expanded its beef price investigation to Amazon and seven other major retailers including Walmart and Costco.
• Investigators are requesting six years of purchasing, pricing, and margin data from each retailer.
• Ground beef averaged $7.116 per pound in July, up 9.4% year over year and near record highs.
• The probe originally targeted meat processors, where four companies control over 85% of U.S. beef processing.
• Wall Street maintains a Strong Buy on AMZN with an average price target of $334.05, implying around 31% upside.

The Justice Department has expanded its beef price investigation to include Amazon and seven other major U.S. grocery retailers. The DOJ sent letters to the companies in July requesting six years of data on purchasing strategies, retail pricing, profit margins, and internal market analysis.

The US Justice Department expanded its antitrust inquiry of the meatpacking industry by demanding information on surging beef prices from eight major food retailers, including Amazon, Costco and Walmart https://t.co/9qU91pBI5K

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