UPDATE: Stifel Upgrades Alphabet (GOOGL) to Buy
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(Updated - March 30, 2021 5:06 AM EDT)
Stifel analyst Scott Devitt upgraded Alphabet (NASDAQ: GOOGL) from Hold to Buy with a price target of $2,350.00 (from $2,025.00).
The analyst comments "The resilience and speedy recovery of Alphabet's digital advertising businesses through the course of the pandemic has impressed us. The bounce in advertising dollar flows have followed online consumer engagement, a quick return and redistribution of advertiser appetite, and digital transaction proliferation. Looking forward, we have increased confidence in Alphabet's positioning to benefit from category recovery (travel, entertainment, media, auto) and more durable share capture in categories such as retail due to relevance as an internet gatekeeper. In addition to our expectations for favorable recovery and secular growth factors, GOOGL shares appear statistically attractive, sporting reasonable multiples relative to some premium valuations we currently see across our coverage universe. Alphabet is a leading value pick, in our view. We are upgrading shares of GOOGL to Buy from Hold, with a $2,350 12-month, DCF driven PT, representing ~22x (ex- net cash) our 2023E GAAP EPS estimate of ~$100."
Shares of Alphabet closed at $2024.73 yesterday.
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