Goldman Sachs Boosts Google (GOOG) (GOOGL) PT to $890

Goldman Sachs analyst Heather Bellini reiterated a Conviction Buy list rating on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and boosted her price target to $890.00 (from $850.00) following strong results after the close.

"Despite the anticipation around new “Other Bets” disclosures into the quarter, continued strength in the core business stole the show," Bellini commented. "Strength in mobile search and YouTube were again called out as key drivers of the company’s performance, as well as ongoing momentum in programmatic."

"We view the new segment disclosures as relatively in line with expectations. Other Bets generated revenue of ~$450mn in CY15 (GSe: $600-900mn) and non-GAAP operating loss of $3.07bn (GSe: a $2.0-3.5bn loss). All in, we believe the market will continue to favorably react to Alphabet’s increased disclosure, accelerating momentum in areas of Google such as YouTube and mobile search, as well its commitment to managing expense growth while staying committed to topline growth."

The firm raised CY16 and CY17 non-GAAP EPS forecasts to $35.08 and $41.84 from $35.12 and $42.27.

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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