Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) ongoing legal battle got a bit more interesting recently after a new revelation came to light that Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) might have been closer than some would have thought. Google revealed that Microsoft previously approached Apple on six different occasions between 2009 and 2020, seeking to make Bing the default search engine in Apple’s Safari browser. Microsoft even offered to sell Bing to Apple outright, reports noted, or at least engage in a joint venture.
The reports came in the form of an unsealed post-trial briefing, part of the Justice Department’s antitrust case against Alphabet’s Google. More specifically, the Justice Department’s case involving Google’s monopoly in the search market. Google had previously been caught offering billions of dollars in payments to ensure its search engines stayed the default engine of choice in mobile devices.
Still, the revelation did not help Alphabet shares in the slightest, diving over 3.5% in Monday afternoon’s trading.
Competition or Bribery?
Google asserted that this largely proved it wasn’t a monopoly, maintaining that it was simply a better product than Bing. It was competing fairly and just doing so much better than its competition that it only looked like a monopoly because no one went anywhere else. Indeed, Google pointed out that Bing is the default search on Windows PCs, but Google got nearly 80% of search traffic therein despite a completely different default.
What Is the Target Price of GOOGL Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 29 Buys and eight Holds assigned in the past three months, as indicated by the graphic below. After a 54.39% rally in its share price over the past year, the average GOOGL price target of $164.59 per share implies 19.03% upside potential.
