UK's CMA OKs Amazon's iRobot Purchase; Morgan Stanley PT Boosts NVIDIA, AMD, Adobe, Intel, Marvell
- June 16th, 2023
- 383 views
The Competition and Markets Authority (CMA) in the UK has cleared Amazon.com, Inc.'s (Nasdaq: AMZN) $1.7 billion purchase of iRobot Corporation (Nasdaq: IRBT), the maker of Roomba robot vacuum cleaners.
The CMA examined potential concerns regarding competition in the market, Amazon's online store advantage, and the impact on "smart home" platforms. The CMA concluded that the deal would not lead to competition issues in the UK, citing iRobot's modest market position and existing rivals. They also determined that Amazon lacked the incentive to disadvantage robot vacuum cleaner manufacturers or smart home platforms.
While the CMA has cleared the deal in the UK, it remains under review in other jurisdictions.
In pre-market trading, $AMZN is trading at $127.33 (+0.18%), while $IRBT is trading at $50.35 (+19.65%).
NVIDIA Corporation (Nasdaq: NVDA), a leading technology company specializing in graphics processing units (GPUs) and artificial intelligence (AI), received an optimistic outlook from Morgan Stanley, maintaining an Overweight rating and raising the price target from $450 to $500.
With Thursday's closing price of $426.53, this adjusted price target suggests a potential upside of $73.47 or approximately 17.21%, based on the investment firm's view.
Advanced Micro Devices, Inc. (Nasdaq: AMD), a prominent semiconductor company known for its processors and graphics cards, also received positive sentiment from Morgan Stanley, maintaining an Overweight rating and increasing the price target from $97 to $138.
Closing at $124.24 on Thursday, the adjusted price target implies a potential upside of $13.76 or roughly 11.07% for $AMD, according to the global financial services firm's assessment.
Adobe Inc. (Nasdaq: ADBE), a leading software company offering creative and marketing solutions, maintained an Equal-Weight rating from Morgan Stanley while having the price target raised from $470 to $510.
With Thursday's closing price of $490.91, the adjusted price target indicates a potential upside of $19.09 or about 3.88% for $ADBE, based on Morgan Stanley's analysis.
Intel Corporation (Nasdaq: INTC), a renowned semiconductor company specializing in microprocessors, received an Equal-Weight rating from Morgan Stanley, accompanied by a price target increase from $31 to $38.
While $INTC closed at $35.82 on Thursday, the adjusted price target suggests a potential upside of $2.18 or approximately 6.08%, as per the brokerage firm's evaluation.
Marvell Technology, Inc. (Nasdaq: MRVL), a leading provider of semiconductor solutions, was maintained with an Equal-Weight rating by Morgan Stanley, while the price target was raised from $55 to $68.
Based on Thursday's closing price of $62.03, the adjusted price target implies a potential upside of $5.97 or roughly 9.62% for $MRVL, according to the investment firm's view.
The potential upsides mentioned above are derived from the assessments provided by Morgan Stanley, showcasing the investment firm's perspective on the respective companies. When making investment decisions, it is crucial to take into account these views in conjunction with other comprehensive research and analysis.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)
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