Alphabet price target lowered to $220 from $232 at JPMorgan

JPMorgan lowered the firm’s price target on Alphabet (GOOGL) to $220 from $232 and keeps an Overweight rating on the shares. The shares traded down more than 7% following the Q4 results, as overall Alphabet revenue and operating income came in a bit below expectations and Google anticipates another large step-up in spending in 2025, the analyst tells investors in a research note. However, the firm says Search and YouTube results “were quite solid.” JPMorgan expects some near-term pressure on the shares as the Street adjusts to the heavier spending outlook, but remains encouraged by Google’s artificial intelligence innovations and solid advertising growth.