Evercore ISI raised the firm’s price target on Alphabet (GOOGL) to $160 from $130 and keeps an Outperform rating on the shares in the wake of better-than-expected Q2 results. The firm views Alphabet’s ad revenue results as “neutral-to-modestly-positive” for other internet advertising stocks, including Meta (META), the analyst tells investors. In addition, Evercore says that based on Alphabet management commentary and Microsoft (MSFT) results that it is “more convinced that the $30B Capex Club” of Amazon’s (AMZN) AWS, Google, Meta and Microsoft “will become the $40B Capex Club.”
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