Alphabet (GOOG) PT Raised to $3,400 at Raymond James

Raymond James analyst Aaron Kessler raised the price target on Alphabet (NASDAQ: GOOG) to $3,400.00 (from $3,200.00) while maintaining an Outperform rating.

The analyst commented, "Alphabet reported 3Q21 results above-consensus with total FX-neutral revenue +39% y/y driven by strong performance across Search (+44% y/y), YouTube (+43%), Network (+40% y/y) and Google Cloud (+45% y/y). The company continued to benefit from elevated consumer online activity though noted recovery has been uneven globally. Advertising spend was strong and broad-based with particular strength in retail, media entertainment, finance, and travel while Google Cloud also had another strong quarter. We maintain our Outperform rating and raise our price target to $3,400 given 1) solid long-term advertising revenue growth driven by Search and YouTube; 2) Increasing Google Cloud momentum; 3) option value in other areas (e.g. Hardware, Other Bets); and 4) Valuation remains attractive at ~19x 2022E Google Services EPS (ex cash)."

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