BofA analyst Justin Post raised the firm’s price target on Alphabet to $119 from $116 and keeps a Buy rating on the shares ahead of the company’s report due on February 2. Recent checks with large search advertisers are mixed, with travel strength offset by e-commerce and finance pressure, said the firm, which projects search at flat to down 1% in Q4 and expects YouTube ad revenue growth and Cloud revenue growth will both decelerate. For 2023, the firm is increasing its revenue forecast by 1% to $254.2B, representing 8% year-over-year growth, and raising its GAAP EPS view by 3% to $5.40 given cost reductions from layoffs.
Published first on TheFly
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