France’s antitrust regulator determined that Alphabet’s (GOOGL) Google failed to comply with its orders on how to conduct copyright talks with domestic news publishers. It fined Google 500 million euros as a result.
“When the Authority imposes injunctions on companies, they are required to apply them scrupulously, respecting their letter and their spirit. In the present case, this was unfortunately not the case,” said Isabelle de Silva, French Antitrust Authority President.
The regulator concluded that Google failed to comply with several parts of the orders issued in April 2020. For example, it determined that Google did not negotiate with publishers in good faith. Moreover, the Authority noted that Google failed to share information that would ensure fair negotiations.
The Authority has allowed Google two months to table proposals on how to compensate news publishers for the use of their content. Google risks an additional daily fine of up to 900,000 euros if it fails to propose compensation plans within the required time. (See Alphabet stock charts on TipRanks).
Stifel Nicolaus analyst Scott Devitt recently reiterated a Buy rating on Alphabet stock with a price target of $2,700. Devitt’s price target suggests 6.01% upside potential.
Consensus among analysts is a Strong Buy based on 26 Buys and 2 Holds. The average Alphabet price target of $2,809 implies 10.29% upside potential to current levels.
GOOGL scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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