Alphabet price target raised to $200 from $155 at RBC Capital

RBC Capital raised the firm’s price target on Alphabet to $200 from $155 and keeps an Outperform rating on the shares. The company’s Q1 results were “north of outstanding”, with Search, YouTube and Cloud segments all beating estimates alongside a big margin beat, while its management “appears in better control of its own AI narrative”, the analyst tells investors in a research note. RBC is also raising its FY24 revenue view to $382.8B from $376.3B and its FY25 view to $417.9B from $411.9B, noting that Alphabet’s better generative search commentary, better visibility on YouTube & Cloud and the clear commitment to cost efficiency drives its estimates “meaningfully higher”.