UPDATE: Canaccord Genuity Upgrades Alphabet (GOOGL) to Buy
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(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.
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