Alphabet (GOOG) (GOOGL) PT Raised to $930 at Goldman Sachs

Goldman Sachs analyst Heather Bellini reiterated a Conviction Buy List rating and upped her price target on Alphabet (NASDAQ: GOOG) to $930.00 (from $810.00) following strong Q2 results.

Bellini commented, "As with recent quarters, mobile search strength was called out as a key driver of overall growth. Management also noted solid growth in desktop and tablet search as well as continued strength in YouTube and programmatic. After falling short last quarter, net ad revenue came in ~$480mn above consensus, which represents the largest upside in over 10 quarters.

She added, "Paid clicks grew 29% yoy versus consensus of 25% and were in line with growth experienced in 1Q16, while CPCs declined less than forecasted by the Street, coming in at -7% versus consensus of -9% (1Q16: -9%). And while not typically a focus, “Google Other” revenue was $2.2bn, +33% yoy versus 24% in 1Q16, with growth driven by cloud and applications, as well as play and hardware. We believe the “Google Other” revenue segment will become an increasing area of focus given the company’s cloud initiatives."

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 $745.91 yesterday.

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