RBC Capital keeps an Outperform rating and $235 price target on Alphabet (GOOGL) after its Q4 results. The quarter keeps the AI Search bear case at bay, but it was no match for an unexpected cloud miss and significantly raised Capex outlook that was nearly 30% above consensus, the analyst tells investors in a research note. The impact of AI for Alphabet will continue to be hotly debated, though intellectual consistency across the space would suggest that the company is “playing offense on AI”, RBC adds, noting that the AI rollout is accelerating with Search demonstrating improvements as opposed to disruption.
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