A variety of possible outcomes The Justice Department's initial set of remedies for Google include limiting or prohibiting default agreements and "other revenue-sharing arrangements related to search and search-related products." The myriad of potential outcomes for Google means there isn't much near-term clarity for the stock. JPMorgan's Anmuth noted earlier this week that Alphabet shares have been underperforming the S & P 500 and the firm's internet stock coverage since the federal U.S. judge's ruling in August. Indeed, Alphabet shares are up 15% in 2024, versus S & P 500's 21% gain. Further, Anmuth noted that Alphabet is currently trading at around 16.5 times JPMorgan's 2026 forward earnings estimates, while Meta Platforms trades at more than 20 times its forward earnings. Broadly on the Street, sell-side estimates "have also remained unchanged," MoffettNathanson Research co-founder Craig Moffett said. However, "the market is systematically underestimating the risk of adverse outcomes," Moffett added.