Alphabet (GOOG) PT Raised to $3,500 at Oppenheimer After Earnings
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Oppenheimer analyst Jason Helfstein raised the price target on Alphabet (NASDAQ: GOOG) to $3,500.00 (from $3,000.00) while maintaining a Outperform rating on a roll-forward to 2023 estimates.
The analyst stated "while IDFA headwinds had minimal impact. EBIT 16% ahead on ~500bps better margins, on extended depreciation and lower employee travel spend. Although GCP revenue was 4% below, operating losses improved, suggesting a gradual move toward profitability. YouTube well positioned in 4Q, given outsized demand for online video, compounded by uncertainty around IDFA impact on social media. Assuming 4Q Net Ad revenue +30% y/y. Target assumes 10x Search EBITDA, 7x YouTube revenue and 8x GCP revenue, or 21x 2023E FCF/share."
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