Alphabet (GOOGL) PT Raised to $1,300 at Cowen

Cowen raised its price target on Alphabet (NASDAQ: GOOGL) to $1,300.00 (from $1,230.00) while maintaining a Outperform rating.

Analyst John Blackledge comments "Our Outperform rating is founded on Google successfully extending its dominant desktop advertising position to mobile. Google is the best-positioned mobile advertising company, in our view, due to its leading mobile advertising revenue position, robust capabilities and traffic advantage relative to peers. Digital advertising is in the midst of a structural shift with traffic migrating from desktop to mobile devices; we expect ad dollars to soon follow. GOOG’s mobile offering combined with its existing desktop advertising franchise results in a digital advertising powerhouse and yields a forecast of double-digit annual top-line growth and similar double-digit annual EBITDA growth over time."

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