Wells Fargo raised the firm’s price target on Alphabet to $126 from $121 and keeps an Equal Weight rating on the shares ahead of quarterly results. Steady near-term, 2024 likely more turbulent, the firm says. Wells is raising Q3 YouTube revenues slightly and sees modest Services revenue growth acceleration in Q4. The firm is also raising 2024 CC revenues and sees better near-term operating leverage, though modestly offset by expected TAC pressure now pushed to the second half of 2024.
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