TD Cowen analyst John Blackledge reiterated a Buy rating on Alphabet Class C (GOOG – Research Report) today and set a price target of $220.00.
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John Blackledge has given his Buy rating due to a combination of factors, including Alphabet’s strong performance in its Search and YouTube divisions, which exceeded both internal and consensus estimates. Despite a slight miss in Cloud revenue, Alphabet demonstrated significant growth, particularly in its AI-driven services, which have shown a robust increase in demand and engagement.
Furthermore, Alphabet’s management has projected substantial CapEx growth to address the current AI capacity constraints, indicating confidence in future expansion. The company’s advancements in AI-related products and services, such as the Vertex platform and AI Overviews, have been pivotal in attracting and retaining users, further solidifying its market position. These elements collectively underscore the potential for continued financial growth, justifying the Buy rating.
In another report released yesterday, Pivotal Research also maintained a Buy rating on the stock with a $225.00 price target.