Alphabet Braces For DOJ Remedies: Analyst Sees 20% Upside Despite 'Worst Possible' Risks
Alphabet Braces For DOJ Remedies: Analyst Sees 20% Upside Despite 'Worst Possible' Risks
The DOJ's remedies are expected to focus on limiting Google's exclusive search agreements, restructuring its Android and Chrome platforms and curbing its AI-driven monetization practices. "A separation proposal could be severe," warns Anmuth, "and remedies may extend beyond search to include limitations on AI advancements."As Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) inches closer to the Department of Justice's final proposed remedies on Nov. 20, the stakes couldn't be higher.
隨着alphabet inc（納斯達克:GOOGL）（納斯達克:GOOG）越來越接近美國司法部11月20日提出的最終解決方案，風險無疑變得更加巨大。
While JPMorgan analyst Doug Anmuth sees potential headline risk, he believes this could also bring clarity, setting the stage for Google's response and future appeal strategies.
摩根大通分析師道格·安穆思看到潛在的頭條風險，但他認爲這也可能帶來清晰度，爲谷歌的回應和未來的上訴策略鋪平道路。
"The DOJ's final proposal should represent the worst possible remedies," Anmuth notes, adding that Google's counterproposal on Dec. 20 will likely paint a much less drastic picture. Despite these looming legal battles, Anmuth maintains an Overweight rating on GOOGL stock, citing a price target of $212 – 20% above its current levels.
安穆思指出：「美國司法部的最終提議應該代表最糟糕的解決方案」，並補充說，谷歌將在12月20日的反對提議可能描繪一個遠不那麼激烈的情況。儘管這些懸而未決的法律戰鬥，安穆思仍然維持對GOOGL股票的超配評級，將目標價格定爲212美元-高出目前水平20%。
Remedies, Risks, And The Trump Factor
解決方案、風險和特朗普概念因素
The DOJ's remedies are expected to focus on limiting Google's exclusive search agreements, restructuring its Android and Chrome platforms and curbing its AI-driven monetization practices. "A separation proposal could be severe," warns Anmuth, "and remedies may extend beyond search to include limitations on AI advancements."
美國司法部的解決方案預計將側重於限制谷歌的獨家搜索協議，重組其Android和Chrome平台，並限制其人工智能驅動的貨幣化實踐。安穆思警告說：「分離提案可能非常嚴厲」，「解決方案可能延伸至搜索以外，包括對人工智能進展的限制。」
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Adding to the uncertainty, the coming Donald Trump administration could bring renewed scrutiny. Trump has oscillated between calling for Google's "prosecution at maximum levels" and emphasizing its strategic importance in competing with China.
另外，即將到來的特朗普概念政府可能會帶來重新審視。特朗普在要求谷歌「最大程度起訴」和強調其在與中國競爭中的戰略重要性之間搖擺不定。
Such a backdrop could influence not just the final remedies but also the broader tech landscape.
這樣的背景可能不僅影響最終的解決方案，而且還可能影響更廣泛的科技格局。
Investors Eye The Bigger Picture
投資者着眼於更大的畫面
Despite the regulatory fog, Alphabet's fundamentals remain robust. Recent third-quarter earnings showcased a 35% year-over-year surge in Google Cloud revenue, operating profit margins exceeding expectations, and steady progress in AI search initiatives. "Google shares are just 9% below all-time highs," Anmuth highlights, "and the GAAP P/E multiple discount to Meta has narrowed significantly."
儘管監管形勢不明朗，alphabet inc的基本面依然強勁。最近的第三季度盈利表現出谷歌雲營業收入同比激增35%，營業利潤率超出預期，以及人工智能搜索計劃的穩步進展。"谷歌的股價距歷史高點僅下跌了9%，"Anmuth強調說， "而與Meta的GAAP市盈率折價幅度已顯著縮小。
The road ahead includes pivotal milestones, such as the judge's anticipated remedies decision in August 2025 and Apple's critical choice on retaining Google as Safari's default search provider.
前方的路包括關鍵里程碑，例如法官預期於2025年8月作出的補救決定，以及蘋果在選擇保留Google作爲Safari默認搜索提供者方面的關鍵抉擇。
While challenges abound, clarity from the DOJ and Google's continued operational strength could reassure investors.
儘管面臨諸多挑戰，但司法部和谷歌持續的運營實力可能會令投資者放心。
With Alphabet's stock trading at a discount compared to its peers, Anmuth's bullish stance signals confidence in Google's ability to navigate both courtroom battles and Wall Street expectations.
隨着alphabet inc的股票價格相對同行折價交易，Anmuth的看好立場表明對谷歌在應對法庭鬥爭和華爾街預期方面的信懇智能。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。
