Pivotal Research raises Alphabet stock price target on strong cloud growth
Pivotal Research raised its price target on Alphabet to $470 from $420 while maintaining a Buy rating, citing stronger-than-expected growth in search and cloud revenue. Alphabet's first-quarter results showed 19% year-over-year search revenue growth and 63% cloud revenue growth, exceeding analyst forecasts. Despite strong performance and rising stock prices, InvestingPro data indicates the stock appears overvalued relative to its Fair Value.
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Investing.com - Pivotal Research raised its price target on Alphabet Inc. (NASDAQ:GOOGL) to $470 from $420 while maintaining a Buy rating on the stock. The firm cited Alphabet’s first-quarter results, which showed search revenue growth accelerating for the fifth consecutive quarter at 19% year-over-year, above the firm’s 15% forecast. Cloud revenue growth accelerated for the fourth straight quarter at 63%, exceeding Pivotal Research’s 48% estimate, with cloud operating margins also coming in higher than expected.The strong results have driven shares to $349.94, near the 52-week high of $355.79, with the stock delivering a 121% return over the past year.
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