As previously reported, New Street analyst Dan Salmon initiated coverage of Alphabet with a Buy rating and $118 price target. The "basic ‘FANG trade’ may be dead," but he believes many U.S. Internet stocks offer attractive valuation entry points, Salmon tells investors. Alphabet offers the most stable profit growth profile in the group and he thinks both Search and YouTube revenue growth can rebound in the face of investor concerns about competition, Salmon said.
Published first on TheFly
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