UPDATE: Wedbush Assumes Alphabet (GOOGL) at Outperform
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Wedbush analyst Ygal Arounian assumes coverage on Alphabet (NASDAQ: GOOGL) with an Outperform rating and a price target of $2,953.00.
The analyst commented, "We assume coverage of GOOGL shares with an Outperform rating, and add it to the Wedbush Best Ideas List, with a $2,953 price target as we see a large market opportunity that we expect to have accelerated coming out of the pandemic. Alphabet is well positioned in a number of key areas across its businesses that we think can sustain overall growth in its core ad business, drive long-term sustainable top-line growth in its burgeoning Cloud business, and also lead to improving margins in Cloud, which can materially improve Alphabet’s overall EBITDA and margins, well ahead of Street estimates in the coming years. The addressable markets in both digital advertising and cloud are large ones and while Google has been a leader in digital advertising for decades, it has more recently become a leader in cloud services as well. The dual strengths of both of these businesses and tailwinds being driven coming out of the pandemic era place Google in a fundamentally unique position in our view, where despite its $1.6 trillion market cap, has room to grow and drive tech innovation and disruption that should continue to place it at the forefront of core internet holdings for investors."
Shares of Alphabet closed at $2244.62 yesterday.
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