Alphabet added to ‘Tactical Outperform list’ at Evercore ISI

Evercore ISI analyst Mark Mahaney is adding Alphabet (GOOGL) to the firm’s “Tactical Outperform” list ahead of earnings as it views the short-term risk-reward outlook as attractive. The firm believes Street top-and bottom-line estimates are “reasonably set up” and notes that its channel checks have been “consistently constructive” on internet advertising demand trends. While noting limited visibility into the Alphabet CFO selection process, the timing of a dividend decision, or the potential for greater cost focus, the firm sees “significant opportunity for any of these three factors to turn into positive catalysts” for shares of Google’s parent. Evercore has an Outperform rating and $160 price target on Alphabet shares.