Wells Fargo notes that Google filed a court filing and company blog detailing its proposed remedies in the Department of Justice search case. The firm believes Google’s proposals leave little room for negotiation of a settlement with the DOJ and likely ensure an appeal and resolution in 2-3 years. The overhang will remain but Wells sees no court-mandated meaningful changes to distribution relationships near term. The firm has an Equal Weight rating on the shares with a price target of $187.
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