Needham raised the firm’s price target on Alphabet to $210 from $160 and keeps a Buy rating on the shares. The analyst cites the company’s “strong” Q1 revenue, operating income of $25.5B exceeding the firm’s view by 16%, and the company’s $70B buyback and initiation of dividend, the firm tells investors in a research note. YouTube would be worth nearly $400B if it was spun off or separately traded, Needham added.
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