Oppenheimer analyst Jason Helfstein lowered the firm’s price target on Alphabet to $135 from $155 and keeps an Outperform rating on the shares after revisiting 2024/2025 margins and updating model to reflect extension of useful life of servers. While the firm thinks investor fears around search share loss/margin headwinds from AI are overblown, Alphabet has yet to launch products or provide a roadmap to placate the bears. In the near-term, investors will be focused on durability of ad trends, likely unchanged from Q4 on FX neutral basis and timing of cost-cutting initiatives, Oppenheimer says.
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