Raymond James analyst Aaron Kessler lowered the firm’s price target on Alphabet to $116 from $120 and keeps an Outperform rating on the shares ahead of the earnings report on February 2. The firm expects relative strength in Google Search with easing comps throughout 2023 and continued Cloud strength with improving margins in 2023/2024, the analyst tells investors in a research note. Additionally, Raymond James sees improved financial discipline and headcount reductions position Google for strong operating leverage in 2024 and believes valuation is attractive.
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