Redburn Atlantic raised the firm’s price target on Alphabet (GOOGL) to $170 from $165 and keeps a Buy rating on the shares. With Alphabet’s forward multiple now just in line with that of the S&P 500 Index, sentiment has “clearly turned negative” regarding Google Search’s competitive position and ongoing growth potential, the analyst tells investors in a research note. However, the firm believes Search is in a structurally stronger position than appreciated. It sees upside to Search, Cloud and earnings consensus expectations for Alphabet.
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