UPDATE: Canaccord Genuity Upgrades Alphabet (GOOGL) to Buy
- S&P 500 closes at record high as Apple, healthcare stocks help shrug off Delta worries
- Tencent (TCEHY) Falls Sharply as State Media Describes Online Games as ‘Spiritual Opium’, Company Vows to Improve
- Oil extends losses in volatile trade as Delta variant angst spreads
- Clorox (CLX) Falls Sharply as COVID-19 Demand Wanes
- Dollar steadies as markets weigh economic risks, central bank moves
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - January 3, 2019 9:36 AM EST)
(updated to add analyst comment)
Canaccord Genuity analyst Maria Ripps upgraded Alphabet (NASDAQ: GOOGL) from Hold to Buy with a price target of $1,250.00 (from $1,140.00).
The analyst comments "Our constructive stance on GOOGL stock is predicated on our belief that: (1) revenue drivers like marketing spend shift and YouTube should create a manageable glide path for revenue growth deceleration from ~20% to ~15% by 2021, (2) competitive risk from Amazon’s burgeoning ad business should be modest (we estimate ~1% of Google’s search revenue is vulnerable), and (3) while gross margin pressure should persist, the pace of compression to abate, and modest operating leverage and share buybacks should lead to EPS growth ahead of revenue growth in 2020 and after."
Shares of Alphabet closed at $1033.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Google (GOOGL) Will Stop Using Qualcomm (QCOM) Processors in Pixel 6 and 6 Pro - Bloomberg
- UPDATE: Cowen Upgrades Square (SQ) to Outperform, 'Buy Now'
- UPDATE: Piper Sandler Upgrades TriCo Bancshares (TCBK) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesCanaccord Genuity
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!