Alphabet price target raised to $180 from $160 at Oppenheimer

Oppenheimer raised the firm’s price target on Alphabet to $180 from $160 and keeps an Outperform rating on the shares ahead of the Q4 results on January 30. The firm now assumes 2H24 Search revenue is up 10% year over year, with YouTube up 15% y/y. While Oppenheimer expects the ad market to improve in 2H on Fed rate cuts, it is adopting a more wait-and-see approach as the timing remains uncertain, the analyst tells investors in a research note.