Alphabet price target lowered to $232 from $240 at Scotiabank

Scotiabank analyst Nat Schindler lowered the firm’s price target on Alphabet (GOOGL) (GOOG) to $232 from $240 and keeps an Outperform rating on the shares. The company had a relatively in-line quarter, but the stock has been trading down after the results, likely because investors had much loftier expectations, the analyst tells investors. Looking ahead, the firm’s revenue expectations remain largely unchanged, but its EPS expectations have come down, driven by higher levels of deprectiation.