Alphabet price target raised to $187 from $182 at Wells Fargo

Wells Fargo analyst Ken Gawrelski raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $187 from $182 and keeps an Equal Weight rating on the shares following a solid beat driven by Google Cloud and core cost discipline. The firm notes GCP and core margins power a healthy mid-single digit percentage positive EPS revision. Acknowledging the better execution, Wells does not believe any core debates on Google search have been settled. The firm sees an eventful catalyst path through year-end 2024.