Evercore ISI analyst Mark Mahaney reiterated a Buy rating on Alphabet Class A yesterday and set a price target of $240.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Mark Mahaney has given his Buy rating due to a combination of factors surrounding the recent court ruling in United States v. Google. The court’s decision, which avoided more severe structural remedies and instead imposed tailored obligations on Google’s contracts and data-sharing practices, is seen as a favorable outcome for the company. This ruling is considered a ‘best case scenario’ for Google, as it mitigates potential risks and allows the company to maintain its market position while complying with new regulations.
Furthermore, the court’s measures, such as barring exclusive terms in distribution contracts and requiring Google to provide certain data to competitors, are viewed as manageable for the company. These actions are expected to open up markets without significantly disrupting Google’s operations. As a result, Mahaney maintains a positive outlook on Alphabet Class A’s stock, reaffirming it as a top pick with a target price of $240.00.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $210.00 price target.