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Investing.com - JPMorgan has raised its price target on Alphabet (NASDAQ:GOOG) stock to $260.00 from $232.00 while maintaining an Overweight rating following the announcement of Google Search Commercial Agreement remedies. With a market capitalization of $2.56 trillion and an overall "GREAT" financial health score according to InvestingPro, Alphabet continues to demonstrate strong fundamentals.
The remedies announced Tuesday were considered much more favorable for Google than anticipated, with the Judge taking into account the rapidly evolving and increasingly competitive search landscape driven by generative AI. Alphabet shares rose approximately 7% to a new all-time high in after-hours trading following the news. Technical indicators from InvestingPro suggest the stock is in overbought territory, with the shares trading near their 52-week high of $215.34.
JPMorgan believes the court’s conclusions were mostly positive for Google and sees them having no major impact on the company’s financials going forward. While Google will be barred from exclusive distribution of Search, it can continue to have default placement and pay for distribution under agreements that can now last for no more than one year.
The court did not require Google to divest Chrome or Android, nor implement choice screens or encourage Android partners to do the same. The Judge indicated that choice screens have not historically enhanced competition.
The court will require Google to share certain search index and user-interaction data, and offer ads syndication services to Qualified Competitors, which JPMorgan notes is the only real pushback in Google’s response to the remedies.
In other recent news, Alphabet has been impacted by a U.S. District Court ruling in the United States v. Google antitrust case. The court decided against imposing structural remedies on the tech giant but implemented moderate restrictions, including data-sharing obligations to foster market openness. This decision comes after Google was found to have unlawfully maintained monopolies in general search services. Additionally, BofA Securities raised its price target for Alphabet to $252, maintaining a Buy rating, noting that the ruling did not require Google to divest its Chrome browser. In related developments, Apple will continue to receive payments from Google to remain the default search engine on Safari, as per a federal judge’s ruling in the Department of Justice antitrust case against Google. However, the exclusivity arrangements have been prohibited, and search placement deals are now limited to one-year terms. Furthermore, Waymo, a Google-owned company, announced its plan to launch an autonomous vehicle service in Denver this fall, deploying a mixed fleet of Jaguar I-PACE and Zeekr RT vehicles equipped with advanced Waymo Driver technology.
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