Alphabet (GOOG) (GOOGL) PT Raised to $925 at UBS
UBS analyst Eric Sheridan reiterated a Buy rating and raised his price target on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) to $925.00 (from $880.00) following strong results after the close.
commented, "With its Q2 EPS report, Alphabet continued to build on recent business strength (F/X neutral gross Websites growth of ~26% YoY over the past four quarters) on the back of continued strong performance in search & video advertising. In addition, Other revenues at core Google positively surprised on the back of positive mgmt. commentary on Google Play & Cloud. Recent investor fears/doubts of a steep trend of deceleration in ad revenue trends from Q2 to Q4 now seem to be shelved in the face of strong results. In addition, opex & capex surprised positively, with core Google continuing to show leverage even as the business outgrows the industry (despite its scale). We view Alphabet as an excellent risk/reward for investors with a combo of above industry revs growth, solid FCF generation and a host of long-tailed investments that are in the early stage of addressing large scale opportunities – we raise our PT from $880 to $925."
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Shares of Alphabet closed at $745.91 yesterday.