Needham raised the firm’s price target on Alphabet (GOOGL) to $225 from $210 and keeps a Buy rating on the shares. Based on the firm’s interviews with different CEOs at CES and at the Needham Growth Conference, the firm is raising its Q4 revenue outlook by 1% to $96.4B and its EPS view by 4% to $2.11, noting that the company’s strength is primarily being driven by the Cloud business, the analyst tells investors in a research note. Needham adds that it expects strong Cloud trends to continue in FY25 and FY26.
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