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Alphabet Settles Sexual Misconduct Case, Will Spend $310M On Diversity Program
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Alphabet Settles Sexual Misconduct Case, Will Spend $310M On Diversity Program

Google parent Alphabet said on Friday that it has settled shareholders’ lawsuits related to the company’s handling of sexual harassment claims. As per the litigation, Alphabet had allegedly covered up the sexual misconducts of its executives, including Andy Rubin, creator of the Android mobile operating system.

In a September 25 SEC filing, Alphabet (GOOGL) disclosed that it has agreed to take on greater board oversight in sexual misconduct cases. The company also pledged to spend $310 million over the next 10 years to fund and create corporate diversity programs.

Additionally, the tech giant agreed to expand its current policy of “prohibiting severance for anyone terminated for any form of misconduct” to “the prohibition to anyone who is the subject of a pending investigation for sexual misconduct or retaliation,” Google VP of People Operations Eileen Naughton said in a company blog post. (See GOOGL stock analysis on TipRanks).

On Sept. 24, Morgan Stanley analyst Brian Nowak raised the stock’s price target to $1,800 (25.1% upside potential) from $1,760 and reiterated a Buy rating citing the company’s strong hold among U.S. e-commerce consumers.

In a note to investors, Nowak disclosed that according to the research firm’s AlphaWise survey, Google “remains top of funnel” within the U.S. e-commerce consumer behavior. The survey also revealed that while researching products online, more American consumers visit Google first compared with Amazon and Walmart.

Overall, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 31 Buys ratings and 2 Hold ratings. With shares up nearly 7.4% year-to-date, the average analyst price target of $1,774.84 implies a further upside potential of 23.3% from current levels.

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