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Jefferies Believes Alphabet Class A (GOOGL) Still Has Room to Grow

In a report released yesterday, Brent Thill from Jefferies maintained a Buy rating on Alphabet Class A (GOOGLResearch Report), with a price target of $3325.00. The company’s shares closed last Friday at $2730.86, close to its 52-week high of $2925.07.

According to TipRanks.com, Thill is a top 100 analyst with an average return of 26.9% and a 71.2% success rate. Thill covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Palantir Technologies, and Procore Technologies.

Alphabet Class A has an analyst consensus of Strong Buy, with a price target consensus of $3205.79, which is a 19.2% upside from current levels. In a report issued on September 30, RBC Capital also initiated coverage with a Buy rating on the stock with a $3400.00 price target.

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Based on Alphabet Class A’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $61.88 billion and net profit of $18.53 billion. In comparison, last year the company earned revenue of $61.88 billion and had a net profit of $18.53 billion.

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Alphabet is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google accounts for 99% of Alphabet’s revenue, of which, substantial revenue is generated from online ads. Google’s other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud services fees and other licensing revenue. Google also sells hardware products like Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home. Alphabet’s Other Bets business is comprised of moonshot investments in Access, Calico, CapitalG, GV, Verily, Waymo, X and others.

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