Alphabet (GOOGL) PT Raised to $216 at Citi

Citi analyst Ronald Josey raised the price target on Alphabet (NASDAQ: GOOGL) to $216.00 (from $212.00) while maintaining a Buy rating.

The analyst comments "We emerge from Alphabet’s 3Q24 earnings incrementally positive on shares. Google Search & YouTube revenue growth of +12% Y/Y highlight continued advertiser adoption of its monetization tools as query growth evolves with AI Overviews and broader GenAI search tools. While accelerating Google Cloud revenue growth of +35% Y/Y underscores strengthening demand for Google’s enterprise AI tools and greater cloud demand overall, the net result is expanding margins, a trend that we believe can continue. And while we’re watching Capex spend into 2025, with all seven of its 2B+ MAU products (now including Google Maps) leveraging Gemini, we believe Google’s broader AI upgrades across its portfolio remain early days and we look for improving integrations and benefits going forward. To be clear, regulatory overhangs remain as GenAI competition increases, but we are encouraged with 3Q results overall."

You May Also Be Interested In

• Jefferies explains Alphabet (GOOGL) selloff: 1. Exec departures 2. Mag7 softness ahead of AI IPOs 3. Multiple normalization
• Regenxbio Inc. (RGNX) PT Raised to $32 at Baird
• Lockheed, RTX, Boeing, L3Harris expected to meet with Trump - WSJ