Alphabet price target lowered to $120 from $130 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Alphabet to $120 from $130 but keeps a Buy rating on the shares after its Q4 results. The quarter was "mixed", and the management’s outlook points to stricter cost discipline and a greater focus on AI, the analyst tells investors in a research note. The firm is also positive on the company’s commitment to reign in hiring and focus investments on the highest growth priorities as it responds to the current macro uncertainty, forecasting revenue growth to re-accelerate throughout 2023 and margins to improve on the back of better cost containment.