Morgan Stanley raised the firm’s price target on Alphabet to $155 from $150 and keeps an Overweight rating on the shares. Revenue was “stronger across the board” in Q2 and the firm raised its 2024 EPS and free cash flow estimates by 5% each, even with $37B of 2024 capex, the analyst tells investors in a post-earnings note. The extent to which Google Cloud and GCP can grow structurally faster from the likely AI-driven adoption acceleration of public cloud would likely lift the multiple investors are willing to pay for Alphabet shares, the firm contends.
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