Alphabet (GOOGL) PT Raised to $3,000 at BMO Capital
BMO Capital analyst Daniel Salmon raised the price target on Alphabet (NASDAQ: GOOGL) to $3,000.00 (from $2,700.00) while maintaining an Outperform rating.
The analyst commented, "The outperformance of search/DR revenue is driving a step change in Google Services OI margins this year. We assume they ease back off in 2022 as normal operating costs fully return; we bake in more investments (especially at YouTube), but we are still well above 2019 levels. GOOGL's own risk disclosures remind investors margins should decline over time, and we do not yet see why that should change; but at the very least, a higher perch from which to glide appears to have been set."