Alphabet price target lowered to $117 from $118 at KeyBanc

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.