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《大行》美銀證券升Alphabet(GOOGL.US)目標價至252美元 法院裁決緩解投資者擔憂
阿思達克 09-04 10:14
美銀證券研究報告指出,法院發布了Alphabet(GOOGL.US)旗下谷歌反壟斷案的補救裁決,認為裁決在其中兩個方面對谷歌有利,而第三個方面的裁決則持中立或有利態度。首先,谷歌無需剝離Chrome。其次,谷歌可以繼續向合作夥伴支付TAC款項以獲得默認設置(儘管合同不能獨家)。第三,谷歌必須與競爭對手共享數據(可能包括人工智能競爭對手),但限制較多,包括一次性提供搜索索引和用戶交互數據快照,且不包括廣告數據。向競爭對手(可能包括人工智能引擎)的新搜索聯合要求可能是輕微負面,但對谷歌來說並非新鮮事,且與谷歌現有合同的商業條款一致。 由於Chrome剝離的可能性看似不大,美銀證券的關鍵結論是裁決保留了谷歌通過財務激勵維持其分發地位的能力。鑑於Alphabet的搜索貨幣化經濟優勢,該行相信大多數合作夥伴將繼續與谷歌保持一致,沒有太大動力發展自己的搜索引擎。 美銀證券預期裁決將緩解投資者擔憂,降低對谷歌搜索業務的感知風險,並支持更高的估值;對Alphabet目標價從217美元上調至252美元,重申「買入」評級。
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