(Bloomberg) -- Alphabet Inc. shares have been struggling for the past two months amid mounting regulatory uncertainty. For some bulls, that’s a buying opportunity.

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The Google parent’s stock price has fallen more than 20% from a July peak, and recently closed at a six-month low. While most Big Tech names have partially recovered from a summer rotation out of the sector, Alphabet has continued to fall. In August, a federal judge ruled that Google illegally monopolized the search market, with Bloomberg News later reporting that a bid to break up the company is one option being considered by the Justice Department.

“Alphabet is the only name in the Magnificent 7 to trade at what we consider a discount, and it is a significant discount,” said Gregg Abella, chief executive officer of Investment Partners Asset Management. “I’m not saying the regulatory issue isn’t a concern, because these cases can go on for a long time and no one knows how to handicap the outcome, but it has presented an opportunity.”

The share-price drop has left Alphabet trading at around 18 times forward earnings, cementing its place as the cheapest stock among the Magnificent 7. It also trades at a discount to its long-term average and the overall Nasdaq 100 index, which is trading at 25 times. Shares in the search giant edged higher, rising 0.6% on Tuesday.

“It’s getting to the point now where the valuation is starting to overwhelm the overhang,” said Eric Clark, portfolio manager at Accuvest Global Advisors, who said he bought back some shares in Alphabet last week after trimming his stake about six weeks ago. “I’m feeling much better about getting paid to absorb some of that risk and volatility at the current valuation.”

The antitrust issues in the US — and in Europe, where Alphabet recently lost a court case over a $2.6 billion fine related to shopping services — have caused some jitters on Wall Street. Morgan Stanley recently cut its Alphabet price target to $190 from $205, saying that antitrust-related uncertainty will put a narrow — and lower — band on the multiple.

Evercore ISI’s Mark Mahaney also cut his price target because of concerns around antitrust trials and potential remedies. Still, Mahaney remains bullish, saying that even in a worst-case scenario where Google is no longer allowed to bid for exclusive search distribution deals in the US, the related reduction in traffic acquisition costs would go a long way to offset this.