Guggenheim analyst Michael Morris raised the firm’s price target on Alphabet to $195 from $170 and keeps a Buy rating on the shares. Revenue was ahead of the firm’s and consensus estimates with growth accelerating across Search, YouTube, and Cloud, while management announced a new 20c per share dividend and stock buyback authorization. Despite some near-term free cash flow pressure from higher capex, the core profit outlook increased and overall the quarter was “incrementally positive,” the analyst tells investors.
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