Company Update (NASDAQ:GOOG): U.S. top court rejects challenge to Google book-scanning project

[Reuters] – The U.S. Supreme Court on Monday declined to hear a challenge by a group of authors who contend that Google’s massive effort to scan millions of books for an online library violates copyright law. The Authors Guild and several individual writers have argued that the project, known as Google Books, illegally deprives them of revenue. The high court left in place an October 2015 ruling by the 2nd U.S. Circuit Court of Appeals in New York in favor of Google. Read more on this. Alphabet Inc. (GOOG) , with a current value of $523.13B, opened at $760.46. Looking at today’s trading action, the company’s one day range from $757.30 to $760.65 with a trailing 52-week range being $515.18 to $789.87. GOOG shares are currently priced at 21.93x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 21.19x forward p/e ratio. According to a consensus of 36 analysts, the earnings estimate of $7.95 per share would be $1.07 better than the year-ago quarter and a $0.15 sequential increase. The full-year EPS estimate is $34.61 which would be a $5.03 better than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $20.34 Billion. If realized, that would be a 17.84% increase over the year-ago quarter. Recently, Pivotal Research Group upgraded GOOG from Hold to Buy (Apr 11, 2016). Previously, Goldman upgraded GOOG from Neutral to Buy. With the above information in mind, readers should note that the average price target is $930.08, which is 22.30% above where the stock opened this morning. See more in (NASDAQ:GOOG) Similar Articles: Company Update: Google Inc (NASDAQ:GOOG) – Google’s Project Loon: Will History Repeat Itself? Company Update (NASDAQ:GOOG): German court rejects suit by publishers against Google Company Update (NASDAQ:GOOG): Google wins U.K. court case filed by Streetmap