Mizuho Securities Upgrades Google (GOOGL) (GOOG) to Outperform on the 'Alphabet Soup' Catalyst
Mizuho Securities upgraded Google (NASDAQ: GOOGL) (NASDAQ: GOOG) from Neutral to Outperform with a price target of $715.00, after the company's material re-org announcement.
Analyst Neil Doshi commented, "Three of our biggest concerns around Google have been 1) lack of transparency for investors; 2) an organization structure that is too large (55,000 employees) and not very nimble; and 3) the European Commission anti-trust lawsuit. With the new Alphabet Inc. holding company re-org, we believe that this is a major catalyst for the stock, and addresses our first two concerns for the company."
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Shares of Google closed at $633.73 yesterday.