Alphabet (GOOG) (GOOGL) PT Raised to $812 at Piper Jaffray

Piper Jaffray analyst Gene Munster reiterated an Overweight rating and boosted his price target on Alphabet (NASDAQ: GOOG) price target of $812.00 (from $723.00) following strong results after the close.

Analyst Gene Munster commented, "Shares of GOOG are up meaningfully in the aftermarket post Q3 earnings for two reasons. First, the company announced a $5.1 billion repurchase plan that was not expected by investors. This is the second straight quarter where Google introduced some more investor friendly policies. Last quarter the company talked about the potential for more focus on expenses. Next quarter, the trend will continue as the company breaks out Google from the company's "other bets." Second, mobile drove accelerating click growth via improved ad relevance and ad products. Overall, we expect GOOG to continue to benefit in the near-term from the more shareholder friendly policies. We raise our target to $812 ($723 prior) and we reiterate our Overweight rating."

The firm raised FY 2015 EPS from $29.43 to $29.36 and FY 2016 EPS from $34.42 to $33.82.

For an analyst ratings summary and ratings history on Alphabet click here. For more ratings news on Alphabet click here.

Shares of Alphabet closed at $651.79 yesterday.

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