Alphabet Class A ( (GOOGL) ) has been popular among investors this week. Here is a recap of the key news on this stock.
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Alphabet Class A, the parent company of Google, has been ordered by a German court to pay €573 million (approximately $666 million) to two German price-comparison websites. This ruling follows a European Union crackdown on Google’s market dominance, stemming from a 2017 decision where the company was fined €2.4 billion for unfairly leveraging its search engine to boost its shopping service. Despite Google’s plans to appeal the decision, the ruling has opened the door for other companies to seek compensation without having to prove Google’s antitrust violations anew.
In related news, Alphabet is facing a hefty €2.95 billion ($3.4 billion) fine from the European Commission for abusing its advertising technology business. The Commission has suggested that Google should consider selling parts of its business to resolve the conflict of interest. In response, Google has proposed changes to its AdTech business to address these concerns, emphasizing the importance of maintaining its current structure to avoid disrupting European publishers and advertisers. Despite these challenges, Wall Street analysts maintain a Strong Buy consensus on Alphabet’s stock, with a price target suggesting a potential upside of over 12%.