Rosenblatt Reiterates Neutral Rating on Alphabet (GOOGL)
Rosenblatt analyst Barton Crockett reiterated a Neutral rating and $181.00 price target on Alphabet (NASDAQ: GOOGL).
The analyst comments "We downgraded Alphabet to NEUTRAL on 6/28, seeing multiple areas of transition risk. 2Q24 eased concerns of transitional revenue risk from the ramp of AI Overviews in search. But concerns about video ad competition received a degree of support from the decelerating ad pace at YouTube. So did questions about AI-driven cost pressures. With comps and costs stepping up in 2H24, we still see merit in a NEUTRAL rating at this time, and leave our price target unchanged at $181."
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Shares of Alphabet closed at $181.79 yesterday.