Alphabet price target raised to $118 from $115 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Alphabet to $118 from $115 and keeps an Overweight rating on the shares. Alphabet’s Q4 results were light on revenue, but GAAP operating income and margins were better than expected, the analyst tells investors in a research note. The firm is encouraged by the company’s upcoming artificial intelligence products and deeper commitment to rationalize the cost structure.