Alphabet price target raised to $235 from $220 at Jefferies

Jefferies raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $235 from $220 and keeps a Buy rating on the shares following a quarter that the firm describes as “an all-around winner,” with all segment revenues beating consensus, Cloud accelerating for the fourth quarter in a row and operating margin on net revenue beating by about 160 basis points despite continued capex investments. AI “feels increasingly like a well-managed tailwind,” improving effectiveness of ads, drawing in Cloud customers, and driving internal efficiencies, the analyst tells investors in a post-earnings note.