Alphabet (GOOG) (GOOGL) PT Raised to $900 at Needham & Company
Needham & Company analyst Kerry Rice raised her price target on Buy Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) price target of $900.00 (from $825.00)
Rice commented, "Alphabet delivered strong 2Q16 upside highlighted by accelerating Google Website's growth and rising operating margin y/y in its Google segment. Mobile search was the key growth driver in Q2 with YouTube and programmatic supplementing the strong growth. Management highlighted desktop and tablet search both increased. The future of Google is mobile and video, and we believe the company is well positioned to deliver strong results from these focus areas. Mobile search and YouTube continued to lift paid clicks, but weigh on CPC rates. For FY16, we estimate that Website's revenue growth remains strong at 21% and Google's segment margin in the mid-to-high-30% range is sustainable given management's focus on operational efficiencies and cost controls. We are raising our revenue and EPS estimates for FY16 and FY17."
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Shares of Alphabet closed at $745.91 yesterday.