In a report released today, Justin Post from Bank of America Securities reiterated a Buy rating on Alphabet Class A, with a price target of $280.00.
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Justin Post has given his Buy rating due to a combination of factors that suggest a strong performance for Alphabet Class A. The company is expected to report robust revenue results, driven by higher-than-anticipated advertising spending, which is supported by an improving macroeconomic environment and increased data usage. Despite potential one-time legal charges impacting earnings per share, the overall revenue is projected to exceed market expectations, indicating a positive outlook for the company’s financial performance.
Additionally, Post anticipates a positive tone regarding Alphabet’s execution in AI and cloud demand, which could further enhance the company’s growth prospects. The momentum in Gemini usage and the potential for backlog growth in Google Cloud Platform are seen as constructive elements contributing to the stock’s value. Given these factors and the potential for multiple expansion in the market, Post has raised the price objective to $280, reaffirming the Buy rating.
In another report released on October 17, Barclays also maintained a Buy rating on the stock with a $250.00 price target.