Alphabet price target raised to $165 from $153 at KeyBanc

KeyBanc raised the firm’s price target on Alphabet to $165 from $153 and keeps an Overweight rating on the shares. The firm expects Alphabet to have a solid Q4 from a revenue perspective, but weaker EPS due to expense timing around legal and NFL Sunday Ticket. Given investors largely expect these dynamics, KeyBanc does not foresee this as a meaningful risk. Big picture, it views Alphabet as having a clear path to 2024/2025 EPS of $7/$8. Until regulatory concerns subside, KeyBanc expects shares will continue to trade at a discount vs. historical levels.