Alphabet (GOOGL) PT Raised to $123 at UBS, analyst sees Q1 beat

UBS analyst Lloyd Walmsley raised the price target on Alphabet (NASDAQ: GOOGL) to $123.00 (from $120.00) while maintaining a Buy rating.

"We see a beat for 1Q23, with Google Websites revs better (UBSe $47.4B vs Street $45.9B) combined with better GMs in 1Q (UBSe GP of $39.9B vs Street $37.9B) resulting in EPS of $1.21 (vs Street $1.07). Follow-through may fade given structural concerns, but we expect a solid beat in 1Q with a call option on further cost discipline."

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