Morgan Stanley lowered the firm’s price target on Alphabet to $190 from $205 and keeps an Overweight rating on the shares. As of August 5, Alphabet was found liable of maintaining its monopoly in two product markets – general search services and general search text advertising – through its exclusive distribution agreements, notes the analyst, who sees three primary issues the DOJ and judge are focused on solving through remedies: competitive intensity, data scale advantages and anti-competitive pricing. The firm, which examines four potential “reasonable outcomes” that it believes would address the primary complaints against Alphabet’s anti-competitive behavior, estimates FY28 EBIT impacts from these scenarios ranging from plus 15% to negative 23% and adds that it expects long-term uncertainty to keep the stock’s multiple lower and range-bound.