Adverse Ruling Will Cost $20 Billion a Year Bernstein Gives Apple an "Outperform" Rating

Some noise on $Alphabet-A(GOOGL.US)$ could potentially lose DOJ lawsuit this AM. Means, $Alphabet-A(GOOGL.US)$ investors would benefit ~$20B annual savings from TAC costs. Thats ~$1.20 in incremental EPS or depending on the multiple 16-18x or >$20/sh higher $Alphabet-A(GOOGL.US)$ price.

From Bernstein -> ( $Apple(AAPL.US)$ , MP, $195 TP): If the DOJ rules against Google and forces it to break its search deal with Apple, shares of AAPL will likely get hit given Apple gets $18-20B in annual payments from Google, which is 14-16% of Apple’s operating profits.