Alphabet price target raised to $170 from $155 at Loop Capital

Loop Capital raised the firm’s price target on Alphabet to $170 from $155 and keeps a Hold rating on the shares after its Q1 earnings beat last week. The company’s core businesses are strong, the management appears to be doing a good job in “durably reengineering” its cost base, and there is probably room to further manage strong bottom-line results, the analyst tells investors in a research note. Greater expense discipline assumptions keep the firm’s out-year estiamtes “meaningfully” ahead of consensus, Loop added.