Commenting on the upcoming DOJ Search Distribution trial, Wells Fargo notes that trial begins on September 12, with outcome expected the first half of 2024. The firm believes that if the Court finds for Google (GOOGL), it likely brings certainty but with a material TAC step-up. Court finds for DOJ, exclusivity will be prohibited, Wells adds, with user choice likely yielding minimal near-term market share change but introduces risk of Apple (AAPL) search entry. The firm has an Equal Weight rating on Alphabet shares with a price target of $121.
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