Wedbush reiterated an Outperform rating and $270 price target on Apple (AAPL), saying that the iPhone maker and Google (GOOGL) just got a “massive win” from the courts ruling that the ongoing $20B search deal between the two companies will remain and not be barred in its current form. This was a “black cloud worry” over Apple’s shares as investors worried a Google Chrome breakup and/or forced to extinguish the search deal with Apple was potentially on the docket, the analyst tells investors in a research note. The firm added that this is a “monster win” for Cupertino and for Google its a “home run ruling” that removes a huge overhang on the stock.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GOOGL:
- Closing Bell Movers: Google jumps 7% on constructive antitrust ruling
- Broadcom Stock (AVGO) Remains a ‘Top Pick,’ Says 5-Star Analyst, Lifts Price Target to $350
- ‘Chrome Stays with Google’: Judge Rules in Landmark Antitrust Lawsuit but Imposes New Limits
- Judge bars Google from exclusive internet search contracts, Bloomberg reports
- Google full divestiture of Chrome ‘a poor fit’ for antitrust remedy, judge rules