Wolfe Research raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $230 from $220 and keeps an Outperform rating on the shares as part of a 2025 outlook for the internet group. 2025 could be another positive year for internet, but maybe not as much outperformance as 2023 and 2024 given current multiples, the analyst tells investors in a research note. Wolfe sees opportunities of estimates upside driven by product catalysts, a “relatively healthy” macro backdrop, successful capital allocation, and “pockets of re-rating potential.” The firm’s four top picks are Amazon.com (AMZN), Meta Platforms (META), Uber (UBER), and Chewy (CHWY).
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