The end of Alphabet’s (NASDAQ: GOOGL) long-running antitrust case has finally come, with Federal Judge Amit Mehta ruling that the company can keep both its Chrome browser and Android operating system, as well as maintain partnerships with firms like Apple (NASDAQ: AAPL).
Moreover, the judge also rejected the U.S. Department of Justice’s (DOJ) request to force Google to sell off key products like its flagship browser, calling the proposal overly aggressive.
Despite the ruling also introducing some limits on exclusive contracts and mandating greater transparency with competitors, Google stock was up 8% in after-hours trading.
The market was quick to react, Oppenheimer’s Jason Helfstein raising his Google stock price target to $270 and citing the DOJ’s decision as a “best-case outcome” for the company.
At the time of writing, the average GOOGL price target for the next 12 months was $217.81, implying a 3.06% upside from the current price based on a total of 36 ratings aggregated on the market analysis platform TipRanks.
Google stock price target. Source: TipRanksApple stock jumps too
The antitrust case, which began in September 2023, ended with Mehta finding in August 2024 that Google had violated Section 2 of the Sherman Act.
As a result, the DOJ wanted sweeping measures, including opening up access to Google’s search data, banning default search engine payments, and forcing data sharing. However, the judge agreed to some but not all proposals.
The company further expressed concerns about user privacy but welcomed the court’s decision to reject the breakup demand.
In addition, the DOJ also sought to block Google’s multibillion-dollar deal with Apple, which makes Google the default search engine on Safari. The proposal was rejected, sending AAPL shares up 3% in after-hours trading.
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Source: https://finbold.com/analyst-raises-google-stock-price-target/
