Susquehanna Raises Price Target on Alphabet (GOOGL) (GOOG) to $950 as Google Sites Drive Growth
Susquehanna maintained a Positive rating on Alphabet (NASDAQ: GOOGL), and raised the price target to $950.00 (from $875.00), following the company's 4Q earnings report. The secular ad growth story continues to play out as net revenue growth accelerated to 26% y/y (ex-FX) and beat consensus by ~3%. The beat was primarily driven by Google Sites. EPS also came in 7% above consensus, benefiting from lower taxes.
Analyst Shyam Patil commented, "Sites and overall revenue delivered a nice beat. Other Bets losses were fine and within the range… the bright spot was the core Google margin expansion of 300bps in 2015. Positive and raising PT to $950 (from $875)."
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Shares of Google closed at $770.77 yesterday.