JMP Securities downgraded Alphabet (GOOGL) to Market Perform from Outperform without a price target. The firm views 2025 as a year of technology “inflection” for multiple major new technologies as generative artificial intelligence is operationalized and autonomous vehicles become more widespread. JMP downgraded Alphabet on the risk of antitrust penalties that could “significantly impact” Google’s U.S. distribution of search and search revenue. With a final ruling expected by August, JMP expects the case to be a primary focus for investors in the year ahead, limiting multiple expansion, the analyst tells investors in a research note. The firm thinks the court decision will “be severe” after European regulators were unable to impact the search market. It sees the shares as fairly valued.
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