Evercore ISI analyst Kevin Rippey cut his price target on Alphabet Inc. GOOGL, -5.69% shares to $1,200 from $1,250 on Monday, following reports that the Department of Justice is prepared to investigate Google for potential antitrust violations. The stock is down 4% in Monday morning trading. "Importantly, GOOGL has successfully navigated an antitrust investigation before (2011-2013), and emerged unscathed after a two year inquiry, as the FTC voted 5-0 not to pursue further action," wrote Rippey, who has an outperform rating on the stock. "While precedent suggests that Google enjoys broad discretion over the direction of search results, the questions arising from an investigation will challenge the possibility of multiple expansion." Alphabet shares have risen 2% so far this year, as the S&P 500 SPX, +0.24% has gained 10%.
https://www.marketwatch.com/story/alphabet-target-cut-at-evercore-on-concerns-about-potential-doj-investigation-2019-06-03
2019-06-03 13:32:00Z
52780307956168https://desimpul.blogspot.com/2019/06/alphabet-target-cut-at-evercore-on.html
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