Piper Sandler raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $330 from $285 and keeps an Overweight rating on the shares. The firm notes Google reported an impressive Q3 with total revenue accelerating +16% and EBITDA about 2% better. Search / YouTube / Cloud all accelerated from Q2. Cloud backlog improved materially to $155B from $108B last quarter. As for Q4 management sees an FX tailwind offset by a tougher political compare. Overall, a strong result across the board, although rising CAPEX is something to watch next year, adds Piper.
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