Alphabet (GOOGL) PT Raised to $3,200 at Raymond James

July 28, 2021 6:49 AM EDT
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Price: $2,165.11 +2.32%

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Raymond James analyst Aaron Kessler raised the price target on Alphabet (NASDAQ: GOOGL) to $3,200.00 (from $2,750.00) while maintaining an Outperform rating.

The analyst commented, "Alphabet reported 2Q21 results solidly above-consensus with total FX-neutral revenue +57% y/y driven by strong performance across Search (+68% y/y), YouTube (+84%), Network (+60% y/y) and Google Cloud (+54% y/y). Advertising revenues benefited from continued strong macro conditions, with particular strength in retail, travel, financials, and media as well as strong omni-channel retail activity while Google Cloud also had another strong quarter. While 2Q comps will start to get more difficult in the 2H, we continue to expect robust growth for Google across the board and meaningfully increased estimates (2021/2021 revenues increase by 5%/8%). We maintain our Outperform rating and raise our price target to $3,200 given 1) solid long-term advertising revenue growth driven by search and YouTube; 2) increasing Google Cloud momentum; 3) option value in other areas (e.g. Hardware, Other Bets); and 4) valuation remains attractive at ~23x 2022E Google Services EPS (ex cash)."

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Raymond James, Aaron Kessler