Alphabet price target raised to $330 from $288 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Alphabet (GOOGL) to $330 from $288 and keeps a Buy rating on the shares. Search & Other demonstrated strong growth in Q3, the YouTube “complex” showed continued momentum with YouTube Ads growth of +15% year over year better than expected and management highlighting the growing contribution from subscription offering, while Google Cloud was the highlight of the results with +34% y/y revenue growth, the analyst tells investors in a research note. The macroeconomic backdrop and any resulting implications for digital advertising and online commerce will very likely remain debates for investors, but Goldman continues to see multiple fronts where Alphabet has climbed a steep wall of worry in the past 12 months around the AI theme and doesn’t see any reasons to suspect a pause or step back in terms of its operating proof points to change perception.