Alphabet (GOOGL) (GOOG) PT Raised to $925 at Needham & Company
- Wall Street rally continues as laggards advance
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Finisar (FNSR) PT Raised to $44 at Needham & Company, Estimates Raised Sharply
- UBS Raises Price Target on Dick's Sporting Goods (DKS) to $69
- UBS Raises Price Target on Selecta Biosciences (SELB) to $29
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!