Evercore ISI analyst Mark Mahaney lowered the firm’s price target on Alphabet to $120 from $130 and keeps an Outperform rating on the shares. In the wake of several proprietary data points that suggest ongoing softness in online advertising and cloud computing demand, he has cut his 2023 and 2024 revenue estimates by 5% and his 2023 and 2024 operating income estimates by 9%, putting his forecasts "modestly below the Street," Mahaney tells investors. However, Mahaney continues to view Alphabet as "highly attractive for long-term investors," calling it a "Dislocated High Quality" stock.
Published first on TheFly
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