BofA analyst Justin Post raised the firm’s price target on Alphabet to $200 from $173 and keeps a Buy rating on the shares. Net revenue beat the Street view, driven by upside in Search, YouTube and Cloud, all powered by AI, the analyst tells investors. The quarter beat expectations across all major business lines, supporting a narrative change, and accelerating search growth and upside in Q2 was the second positive search sentiment driver the firm was looking for and it thinks Google I/O in May can show off Google’s AI capabilities for mobile developers, added the analyst.
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