UPDATE: Alphabet (GOOGL) PT Lowered to $3,000 at BMO Capital After YouTube Disappointed...Again
BMO Capital analyst Daniel Salmon lowered the price target on Alphabet (NASDAQ: GOOGL) to $3,000.00 (from $3,300.00) after the company reported revenue results including a Cloud and Search revenue beat but not enough to offset fears of an ad recession and growing TikTok competition. Adding to the problems, YouTube missed again.
The analyst reiterated an Outperform rating, stating "We are lowering our target price to $3,000 from $3,300 owing to slightly lower estimates, but also a lower target multiple to reflect incremental recession caution. Our $3,000 target price implies 13.3x 2023E EV/adjusted EBITDA and 24.1x 2023EGAAP P/E, which compares to the peer group averages of 12.7x and 23.0x, respectively."