June 20 – Alphabet Inc.’s Google (NASDAQ:GOOGL) may be nearing the end of its appeal process over a record 4.1 billion ($4.7 billion) European Union fine, as the bloc’s top court received a recommendation to dismiss the tech giant’s case.
Juliane Kokott, the advocate general of the European Court of Justice, advised on Thursday that the court uphold a lower ruling that had already trimmed the penalty from 4.34 billion. The opinion, though non-binding, often influences the court’s final decision.
The penalty stems from a long-running EU antitrust case, which accuses Google of using its Android mobile operating system to unfairly push its own apps through pre-installation deals with phone makers. The European Commission initially imposed the fine in 2018, citing anti-competitive practices.
A spokesperson for Google expressed disappointment over the opinion and argued the ruling could discourage innovation in open platforms and affect Android users and developers.
The final decision from the ECJ is expected in the coming months. While the court is not obligated to follow Kokott’s advice, it historically aligns with advocate general recommendations in most cases.
Based on the one year price targets offered by 49 analysts, the average target price for Alphabet Inc is $201.74 with a high estimate of $250.00 and a low estimate of $160.00. The average target implies a upside of +16.40% from the current price of $173.32.
Based on GuruFocus estimates, the estimated GF Value for Alphabet Inc in one year is $197.50, suggesting a upside of +13.95% from the current price of $173.32.
This article first appeared on GuruFocus.
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