Google Slammed with €403 Million Fine over Location Data Practices
Ireland's Data Protection Commission has fined Google €403 million over its past location data practices. The penalty comes as GOOGL shares draw higher analyst targets tied to Search, Cloud, YouTube, and artificial intelligence growth.
The regulator reviewed Web and App Activity, Location History, and Location Accuracy settings between May 25, 2018, and February 4, 2020. It found problems involving the lawfulness, fairness, and transparency of Google's location data processing.
According to the regulator, some users may not have understood how their location information was being processed. Their data could help shape personalized advertising or allow Google to infer interests from location patterns.
Tigress Financial Partners has maintained its Strong Buy rating on Alphabet and raised its 12-month target substantially, citing Alphabet's full-stack artificial intelligence strategy spanning Google Search, Cloud, YouTube, Gemini, and its TPU infrastructure. Evercore ISI also lifted its Alphabet target to $450 from $420 while retaining its positive rating.