Alphabet (GOOG) (GOOGL) PT Raised to $911 by Piper Jaffray's Munster

Piper Jaffray analyst Gene Munster reiterated an Overweight rating and boosted his price target on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) to $911.00 (from $812.00) following Q4 results, noting mobile drives revenue acceleration.

Munster commented, "GOOG reported strong Q4 revenue, accelerating to up 19% y/y and 2% ahead of consensus. Despite commentary from some other reported companies, Alphabet did not mention concern around the macro environment, which we view as a net positive. Overall, we believe the strong revenue acceleration in Q4 coupled with minimal management concern could set shares of GOOG up similarly to FB last week following a similar earnings announcement (shares of FB up ~20% post earnings vs. ~+3% S&P 500). While the near-term magnitude for GOOG may not be the same as FB, we believe investors will look to build positions in GOOG now that macro concern is off the table for now. We maintain our Overweight rating with a new price target of $911 ($812 prior)."

The firm trimmed FY 2016 EPS from $33.82 to $33.06.

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 $752.00 yesterday.

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