Alphabet price target lowered to $136 from $145 at Credit Suisse

Credit Suisse analyst Stephen Ju lowered the firm’s price target on Alphabet to $136 from $145 and keeps an Outperform rating on the shares following the quarterly results. Search and YouTube Ads finished ahead of expectations as Performance Max continues to leverage AI to deliver positive ROAs despite slowing overall spend, Shorts now has 50B daily views, and Google recently enabled monetization which should raise the potential for accelerated revenue growth over time, the analyst tells investors in a research note. The firm’s projections for Search and YouTube for 2023 and beyond have not change materially, Credit Suisse says, as the firm had already lowered its 2023 estimates twice heading int the Q3 and Q4 earnings cycles.