Wells Fargo raised the firm’s price target on Alphabet (GOOGL) to $129 from $126 and keeps an Equal Weight rating on the shares. The firm sees search trial outcome, expected in the first half of 2024, as more consequential as trial progresses. A Google win will likely yield more favorable TAC outcome than prior view, Wells says. On the other hand, a Google loss is unlikely to yield TAC savings and the firm sees rising risk of Apple (AAPL) entry into search.
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