Google Parent Alphabet Downgraded to Market Perform by JMP Securities Ahead of August DOJ Ruling

Jan 2, 2025, 02:08 PM

Alphabet Inc., the parent company of Google ($GOOGL), has been downgraded by JMP Securities (JPM) from Outperform to Market Perform, and from Buy to Hold, due to the risks associated with an ongoing Department of Justice (DOJ) antitrust lawsuit. The downgrade reflects concerns over potential penalties that could impact Google's U.S. distribution of search and its search revenue. A final ruling on the case is expected by August, according to JMP Securities. The downgrade was prompted by the severity of the antitrust action, as noted by analysts.