JPMorgan raised the firm’s price target on Alphabet (GOOGL) (GOOG) to $232 from $200 and keeps an Overweight rating on the shares. The firm views the company’s Q2 report as a “defining quarter” with 32% Google Cloud revenue growth and increasing scale of artificial intelligence search products. The firm believes Alphabet’s AI-driven demand and accelerating backlog makes Google Cloud a “bigger driver of the bull case going forward.” JPMorgan increased earnings estimates post the Q2 report.
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