Information Provided By:
Fly News Breaks for December 5, 2019
GOOGL, GOOG
Dec 5, 2019 | 07:21 EDT
As previously reported, Stifel analyst Scott Devitt upgraded Alphabet (GOOGL, GOOG) to Buy from Hold with a price target of $1,525, up from $1,325. Earlier this year he had concerns around topline deceleration, when revenue growth fell below 20% in Q1, but trends subsequently re-accelerated, Devitt noted. He is also encouraged by Google's continued share gains of advertising dollars and sees a runway for healthy revenue growth, leading him to raise his long-term Properties revenue estimates. Devitt additionally said he views the streamlining of the management structure - with Sundar Pichai now the CEO of both Google and Alphabet - as a positive for investors. Though it is too early to determine what changes, if any, Pichai will bring to the Other Bets portfolio, the analyst thinks Pichai will keep investors in mind when considering the long-term portfolio objectives.