MKM Partners analyst Rohit Kulkarni lowered the firm’s price target on Alphabet to $120 from $130 and keeps a Buy rating on the shares. The DOJ antitrust lawsuit against the company suggests that regulatory risks are rising, the analyst tells investors in a research note, adding that the headline risks could keep the stock range-bound in 2023. MKM Partners further notes that the feedback on adoption of new products has been "mixed", and the public cloud spending trends have continued to get "more worse".
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Published first on TheFly
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