Alphabet (GOOG) (GOOGL) PT Raised to $820 at UBS
UBS analyst Eric Sheridan reiterated a Buy rating and boosted his price target on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) to $820.00 (from $750.00).
Sheridan commented, "With its Q3 report, Google continued to disprove the bear thesis around its advertising business – positive commentary on both mobile search (volume & price) & YouTube (on consumption, breadth of advertisers & ad dollar momentum). In our view, those two pillars of (now) re-accelerating revenue growth will sustain momentum in its core Websites business. With the added positives of a ~$5b buyback of non-voting shares & repeated management commentary on balancing costs against revenue opportunities, we think Google will continue to climb a wall of worry that has persisted since early 2015 (especially against other Internet and large cap tech peers). Despite the stock outperforming the SPX YTD (3780 bps), we still view Google as a good risk/reward priced on a PEG of 0.9x on '17 EPS with increased transparency (Alphabet), sustained revenue growth ahead & exposure to almost all of our industry's secular growth trends."
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Shares of Alphabet closed at $651.79 yesterday.