Bernstein analyst Mark Shmulik raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $185 from $180 and keeps a Market Perform rating on the shares following quarterly results. The firm notes that the two big surprises this quarter were beats in Cloud, accelerating for the 4th quarter in a row to + 35% year-over-year, and SP&D growing 28% year-over-year led by YouTube subscriptions and Pixel device sales. None of that matters if the ad business is struggling, but fortunately that wasn’t the case here, with search + YouTube + Network combining to grow above expectations, Bernstein adds.
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