Alphabet price target lowered to $120 from $122 at Piper Sandler

Piper Sandler analyst Thomas Champion lowered the firm’s price target on Alphabet to $120 from $122 and keeps an Overweight rating on the shares. The company’s Q4 revenue and EBITDA missed across the board with advertising trends slightly weaker than expected, driven especially by Network, the analyst tells investors in a research note. Search growth also slowed and Cloud growth decelerated 550 basis points, Piper says. It says Alphabet is transitioning the cost base for slower growth.