Alphabet (GOOGL) (GOOG) PT Raised to $1070 at Credit Suisse
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Credit Suisse analyst Stephen Ju previewed Alphabet's (NASDAQ: GOOGL) (NASDAQ: GOOG) Q3 and raised his price target on price target of $1,070.00 (from $940.00) as they roll forward valuation parameters to contemplate end-of-2017. The firm maintained an Outperform rating.
Ju commented, "Heading into the 2Q16 results we called out new ad products that can help maintain Google's Web Site revenue growth momentum at a higher level, and feedback from advertisers suggests that budget deployment into search started to accelerate starting in 3Q16 as we head into the crucial Holiday period. This acceleration is due to an array of products new and old – advertisers have most often cited the newly-released Expanded Text Ads as one of the contributors, as they are only too happy to purchase the incremental paid clicks generated from the rise in click thru rates, especially as the ROI has remained consistent. And as the potential for deceleration into the tougher comparisons and multiple compression beginning in 3Q16 has been a primary factor in holding GOOGL shares back, we remain buyers as we submit that the stock warrants a higher multiple as it should be able to maintain FX-neutral growth rates in excess of 20%."
Shares of Alphabet closed at $778.53 yesterday.
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