Alphabet price target lowered to $135 from $140 at Mizuho

Mizuho analyst James Lee lowered the firm’s price target on Alphabet to $135 from $140 and keeps a Buy rating on the shares. The analyst believes the Street’s fiscal 2023 operating income estimate could be nearly 10% too high without a material cost reduction plan from the company. Alphabet’s average headcount is estimated to increase 12% year-over-year, says Lee, who anticipates dilution from Shorts monetization in 2023.