RBC Capital Reiterates Outperform on Alphabet (GOOGL) Following 3Q Beat

October 28, 2016 7:33 AM EDT
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RBC Capital reiterated an Outperform rating and $1025.00 price target on Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) following the company's 3Q earnings report. Gross revenue of $22.5B was about 2% above the Street at $22.0B, with the beat primarily coming from Google Sites. Non-GAAP EPS of $9.06 was above the Street at $8.62.

Analyst Mark Mahaney commented, "GOOGL Q3 Revenue, Non-GAAP Op Inc, and Adj. EPS all came in above the Street and generally in-line with our estimates. Continued strong Advertising Revenue growth (on tough comps) and expanding overall margins are the key highlights, along with the new $7B share repurchase plan, though TAC keeps stepping up. Reiterate Outperform, $1,025 PT."

For an analyst ratings summary and ratings history on Alphabet click here. For more ratings news on Alphabet click here.

Shares of Alphabet closed at $817.35 yesterday.



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