Piper Sandler raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $425 from $395 and keeps an Overweight rating on the shares. The firm notes Q1 results beat across the board. Total revenue of $109.9B grew 22% year-over-year, 1.6% above Piper’s estimates, driven by record Cloud performance and continued Search strength. The backlog nearly doubled sequentially.
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