KeyBanc analyst Justin Patterson lowered the firm’s price target on Alphabet (GOOGL) to $117 from $118 and keeps an Overweight rating on the shares. The firm has lowered estimates at both Alphabet and Trade Desk (TTD) due to macro factors and is cautious on making a significant second half recovery its base case, but it expects large-cap ad stocks may fare well through Q1 earnings as "investors aim to ‘Buy the last cut’." However, KeyBanc advises a more cautious stance and suggests revisiting these stocks in the spring when both ad budgets and micro-level drivers should be clearer.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on GOOGL:
- Alphabet (NASDAQ:GOOGL) Q4 Preview: Here’s What to Expect
- Perion Network price target raised to $37 from $32 at Needham
- Jefferies: GOOG Can Weather the Storm
- Google to comply with EU rules around providing clearer info to consumers
- Jefferies sees attractive risk/reward with Alphabet multiple near 15-year trough