Alphabet (GOOGL) PT Lowered to $190 at Morgan Stanley

Morgan Stanley analyst Brian Nowak lowered the price target on Alphabet (NASDAQ: GOOGL) to $190.00 (from $205.00) while maintaining a Overweight rating.

The analyst comments "We see 3 issues the DoJ/Judge are focused on solving including competitive intensity, data scale advantages and anti-competitive pricing Our remedy scenarios include exclusivity removal, choice screen, data share, ad price controls and distro payment limits, but we think a breakup is unlikely We introduce a fully interactive remedy model flexing search pricing, traffic, TAC...with '28 EBIT impacts from scenarios ranging from +15% to -23% GOOGL also has measures to help offset any impacts (continued innovation, further monetization of Android, investment in Chrome/Search App, data licensing revs) We expect LT uncertainty to keep the GOOGL multiple lower and range bound (17x-20x); as a result we lower our PT to $190 (20x Avg. '25/'26) to account for this."

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