Alphabet price target raised to $190 from $165 at Loop Capital

Loop Capital raised the firm’s price target on Alphabet (GOOGL) to $190 from $165 but keeps a Hold rating on the shares. The firm is bumping up its assumed earnings multiple back to 15-times from 12.5-times, saying the company’s core advertising businesses proved more resilient and that the management is doing a good job of expense management, the analyst tells investors in a research note. Loop adds however that while resilience in near-term results and higher estimates warrants a higher share price, it does not expect this to change longer-term secular concerns.