Alphabet price target raised to $275 from $210 at Raymond James

Raymond James analyst Josh Beck raised the firm’s price target on Alphabet (GOOG) to $275 from $210 and keeps an Outperform rating on the shares ahead of the Q3 report. The firm is “incrementally more bullish” on Google’s search revenues following its recent adverting and cloud channel checks. The checks indicated organic traffic headwinds are translating to larger paid search budgets while Gemini integration could be optimization tailwinds, the analyst tells investors in a research note. Raymond’s cloud checks indicated a Q3 acceleration in commitments for Alphabet, driven by rising multi-cloud adoption.