Alphabet (GOOGL) (GOOG) PT Lifted to $1000 at Oppenheimer
Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and lifted its price target on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) to $1,000.00 (from $970.00) following results after the close.
Helfstein commented, "Following strong 3Q results, we are maintaining our Outperform rating and increasing our target from $970 to $1000. GOOG continues to benefit from the same trends: demand for mobile clicks driven by improved ad formats, YouTube ads and shift to programmatic (Double-Click). Google Cloud is now the fastest growing unit, and we expect increased investor focus in 2017. Meanwhile, we see no material signs of share loss to FB, with GOOG gaining from YHOO/MSFT and other search players. Our sum-of-the parts target assumes 13x ‘17E core-Search EBITDA and $67B for YouTube."
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Shares of Alphabet closed at $795.35 yesterday.