Alphabet (GOOGL) PT Raised to 'Street High' $3,000 at Susquehanna

February 3, 2021 6:42 AM EST
Get Alerts GOOGL Hot Sheet
Price: $2,278.35 -0.03%

Rating Summary:
    28 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 24 | New: 32
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Susquehanna analyst Shyam Patil raised the price target on Alphabet (NASDAQ: GOOGL) to a 'Street High' $3,000.00 (from $2,000.00) while maintaining a Positive rating, noting a big acceleration in Search and YouTube drove the "nice beat."

The analyst commented, "GOOGL benefited from a strong holiday season and budget flush. Search growth accelerated 10 points to 17% y/y ex FX, and YouTube had a blowout quarter, accelerating 13 points to 46% y/y ex FX revenue growth. Entering 2021, GOOGL should benefit from easy comps in 1H, particularly in 2Q, though comps will likely get tougher in 2H. That said, the recovery in travel should be a tailwind (we estimate was 10% of search pre-COVID), and the iOS 14 changes shouldn’t be as much of a headwind as potentially with other walled gardens. We continue to remain positive on: 1) the secular ad growth story driven by mobile search and YouTube, 2) the Cloud ramp, 3) generally better expense management, and 4) a more shareholder-friendly capital allocation approach."

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