Alphabet (GOOGL) PT Raised to $1,170 at Canaccord Genuity

Canaccord Genuity raised its price target on Alphabet (NASDAQ: GOOGL) to $1,170.00 (from $1,050.00) while maintaining a Hold rating.

Analyst Mike Graham comments "For now, we remain on the sidelines as: 1) some of the strength in revenue, and possibly TAC leverage, appears to be coming from desktop search, and we wonder how sustainable this is; 2) despite the improved growth, the multiple is high by historical standards; 3) we continue to like other FANG constituents better (particularly AMZN & FB)."

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