Amazon.com Inc. (AMZN) announced the formation of a Counterfeit Crimes Unit that aims to keep fake goods off the site and bring those who break Amazon's rules, and the law, to justice. This dedicated team will be comprised of former federal prosecutors, experienced investigators and data analysts. In addition to keeping out counterfeits, the unit will help Amazon to pursue civil lawsuits and aid law enforcement, as well as work with brands on investigations. Amazon says it had more than 8,000 employees working to keep fakes off the site and invested $500 million in the effort in 2019. The e-commerce giant says it blocked six billion suspected bad listings and banned 2.5 million suspected bad actor accounts last year. Still, there have been many ( reports ( ) of fake products making their way onto the site. Separately, Wedbush analysts raised their price target to $3,050 from $2,750 based on strong sales during the COVID-19 pandemic. Analysts maintained their outperform stock rating. "COVID-19 and the stay-at-home response for many consumers should result in substantial revenue upside in Q2, with the company's burgeoning grocery business likely a key beneficiary," Wedbush wrote. Amazon stock has rallied 49.6% for the year to date while the S&P 500 index is down 3.1% for the period.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 24, 2020 08:24 ET (12:24 GMT)
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