JPMorgan analyst Doug Anmuth raised his price target for Alphabet to $1,535 from $1,460 while maintaining an Overweight rating on the shares. The analyst understands the post-earnings pullback in the shares, particularly following outperformance over the past couple months, saying the light Q4 revenue overshadowed the increased disclosures. While the mix of ad revenue differs from expectations, it shows the sustainability of search growth led by mobile, and the "headroom" for YouTube, especially as bigger TV dollars begin to shift online, Anmuth tells investors in a research note. The analyst adds that while Street estimates may come down some near-term, he continues to like Google shares.
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