Alphabet (GOOGL) PT Raised to $1,150 at BMO Capital
BMO Capital raised its price target on Alphabet (NASDAQ: GOOGL) to $1,150.00 (from $1,100.00) while maintaining a Market Perform rating.
Analyst Daniel Salmon commented, "Investments the company is making across its business continue to translate into top-line growth and revenue growth rates remain the strongest they've been in years. With that said, the overall margin profile of the company continues to deteriorate with adjusted EBITDA margins down over 150bps YoY even after backing out one-time performance related fees. With capital expenditures increasing at a rapid pace (which thus blunts FCF growth) and downside risk to out-year consensus adjusted EBITDA margins (in our opinion), we remain comfortable being on the sidelines."