Alphabet price target lowered to $229 from $232 at Citi

Citi analyst Ronald Josey lowered the firm’s price target on Alphabet (GOOGL) to $229 from $232 and keeps a Buy rating on the shares. The firm says that with Search and YouTube growth reaccelerating and although Cloud demand is gated by capacity constraints, it emerged from the Q4 results “incrementally positive and would take advantage of any dislocations in shares.” Citi believes the broader online advertising environment “remains relatively healthy.”