Alphabet (GOOGL) PT Raised to $2,400 at Guggenheim

February 3, 2021 8:41 AM EST
Get Alerts GOOGL Hot Sheet
Price: $2,282.75 -0.11%

Rating Summary:
    28 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Guggenheim analyst Michael Morris raised the price target on Alphabet (NASDAQ: GOOGL) to $2,400.00 (from $2,000.00) while maintaining a Buy rating.

The analyst commented, "Alphabet 4Q results showed revenue growth acceleration across the portfolio including search, YouTube, and cloud. We expect any lingering investor concerns about maturing search trends to be calmed by the $4.7bn of incremental search revenue, combined with expansion across multiple high-TAM businesses. We expect revenue momentum to continue in 2021 (23% growth ex-TAC) while investments in product innovation, content acquisition, and human capital temper margin expansion (+120bps on EBITDA) but position the company for sustained double-digit revenue growth. We raise our target to $2,400 from our prior $2,000 as summarized within."

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