Morgan Stanley lowered the firm’s price target on Alphabet (GOOG) (GOOGL) to $210 from $215 and keeps an Overweight rating on the shares. The firm’s 2025 view on Alphabet is largely unchanged as it argues that Google Cloud Platform demand seems strong and Alphabet talked to being compute capacity constrained. Like Meta (META), these constraints are likely informing this year’s “lofty” capex forecast of $75B as Alphabet invests in its core products, efforts to build leading large and small models, and invests to drive GCP adoption and multi-year growth, the analyst tells investors.
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