Alphabet price target raised to $160 from $150 at Barclays

Barclays analyst Ross Sandler raised the firm’s price target on Alphabet to $160 from $150 and keeps an Overweight rating on the shares. The company reported revenue and operating income below consensus but sounded very constructive on efficiency improvements going forward, the analyst tells investors in a research note. The firm thinks the shares could be range-bound near term but eventually re-rate higher as the Q2 growth re-acceleration and margin expansion catalysts get closer.