Alphabet price target raised to $165 from $150 at Jefferies

Jefferies analyst Brent Thill raised the firm’s price target on Alphabet to $165 from $150 and keeps a Buy rating on the shares. Alphabet “did not disappoint” after most checks pointed to a Q2 beat, with its roughly $2B gross revenue beat “breaking some investors’ positioning as a favorite short and generative AI casualty,” the analyst tells investors. The firm believes the Q2 results demonstrated the company’s “AI prowess” in ads and Cloud and sees second half results continuing to accelerate from a Q4 bottom.