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Denis Charlet / AFP via Getty Images
Legal battles with multiple fronts allowed the growth of Alphabet and
Facebook
in the following year, because the shares according to
Goldman Sachs.
Analyst Heath Terry gave both stocks a Buy rating late Tuesday when he resumed reporting on the companies. He set a price target for Google Mother Alphabet (ticker: GOOGL) at $ 2,250, which is 30% higher than the current price. Goldman has a price target of $ 330 on Facebook (FB), which is 22% higher than the current trading price.
Major tech companies were market winners this year, pushing the tech-heavy Nasdaq Composite 43% higher, nearly three times the
S&P 500’s
to get. Low interest rates and staying home from work and study helped increase the share of technology companies, even though they came under severe criticism.
Google is fighting antitrust allegations by the Justice Department and a growing number of states, and Facebook is sparring with the Federal Trade Commission and 40 states on antitrust issues.
The legal battle is part of a larger setback in Washington against the influence of big technology on everything from communications to American culture.
Alphabet was up 0.6% Wednesday and is up 29% this year, compared to a 14.7% gain in the S&P 500. Facebook was up 1.1% on Wednesday and 32% this year.
Goldman’s Terry resumes coverage of Alphabet and Facebook.
Write to Liz Moyer at [email protected]