Alphabet (GOOGL) (GOOG) PT Raised to $925 at Needham & Company
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Rice commented, "Alphabet delivered 3Q16 upside, highlighted by solid Google Website's growth and cost controls. Mobile search and video were the key growth driver in Q3 with programmatic supplementing the strong growth. We believe the company is well positioned to deliver strong results in 4Q16 from these focus areas. Mobile search and YouTube continued to lift paid clicks, but weighed on CPC rates. Management highlighted that desktop and tablet search also continued to grow. Management also reported strong growth in Google Play and the Google Cloud with the latter a key investment area. For FY16, we are raising our Website revenue growth estimate given the strength in mobile search and video to 22% from 21% and increasing our EPS estimate to reflect the increasing cost control efforts, which offsets a portion of the increasing TAC."
Shares of Alphabet closed at $795.35 yesterday.
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