Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Alphabet (GOOG) (GOOGL) to $167 from $184 and keeps an Equal Weight rating on the shares. At recent trough multiples and with bearish investor sentiment, there is temptation to become more constructive on Alphabet shares, the firm says. Wells stick to its cautious stance as conviction grows in its search disruption thesis and below-consensus estimates.
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