BofA analyst Justin Post raised the firm’s price target on Alphabet to $125 from $119 and keeps a Buy rating on the shares. While net revenues missed the Street forecast on Search and YouTube misses, Cloud margins were "a bright spot," said the firm. BofA is lowering revenue forecast, but raising its "above-Street" 2024 EPS view as Google is seemingly addressing competitive concerns with plan to launch AI products in the near-term and margin and EPS concerns with lower R&D spending, layoffs and lower server depreciation.
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