BofA raised the firm’s price target on Alphabet to $175 from $166 and keeps a Buy rating on the shares. Ahead of the company’s report due on January 30, the firm is raising its revenue estimate to above the Street view and its Search growth estimate to 14%, compared to the Street at 13%, but also raising expenses and maintaining its EPS forecast of $1.63. A continued recovery in the ad sector, ramping Shorts monetization, AI integrations boosting ROI and ad spend and strong cost management can drive upside to Street estimates in 2024, the analyst added.
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