Alphabet (GOOGL) PT Raised to $220 at Barclays

Barclays analyst Ross Sandler raised the price target on Alphabet (NASDAQ: GOOGL) to $220.00 (from $200.00) while maintaining a Overweight rating.

The analyst comments "The Key Take-Away: GOOGL reported revenue and EPS that were 2% and 15% above consensus. Search and YouTube were broadly in line, Cloud handily beat expectations, and operating margins were flat and well above what the street was modeling. The new CFO had a smooth transition, and while the investment community is clamoring for more details on various aspects of Alphabet’s business, given the legal drama surrounding GOOGL, we weren’t surprised to hear the same high-level communication philosophy carried out. We shift back into regulatory headline risk in a few weeks with Google’s suggested remedy package followed by the DoJ’s detailed asks, so we think upside for GOOGL shares near-term is somewhat capped. The 20x EPS multiple reflects some of the regulatory and AI related risks, which we continue to muddle through ever so slowly."

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