Rosenblatt raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $224 from $211 and keeps a Neutral rating on the shares as the firm applies a higher multiple assumption following Judge Amit Mehta’s search remedy ruling. The court ruling takes the near-term potential of breakup or disruption to the Apple (AAPL) distribution deal off the table, but bolsters long-term competitive risks to Google search from AI chatbots, says the analyst, who believes that long-term concerns about competitive risks to search will constrain the multiple.
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