Stifel raised the firm’s price target on Alphabet (GOOGL) to $333 from $292 and keeps a Buy rating on the shares. Google posted a “healthy” Q3 top line, though corporate-level operating margins came in slightly lighter than expected, the analyst tells investors. Cloud was “the standout segment” this quarter with revenue growth acceleration of 184 basis points and backlog growth of 46% quarter-over-quarter, the analyst noted. The firm believes investors are “continually becoming more comfortable with where Google might fit in this new era of compute,” the analyst added.
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