Alphabet price target raised to $125 from $120 at Loop Capital

Loop Capital analyst Rob Sanderson raised the firm’s price target on Alphabet to $125 from $120 and keeps a Buy rating on the shares. The analyst is updating his model with stepped-down spending assumptions on the back of the company’s headcount reductions, which should amount to an $800M lower quarterly run-rate of cash operating expenses by Q2 of 2023 vs. Q4 of last year.