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Credit Suisse Says GOOGL is Going to $1,070

Monday, October 17, 2016 6:57
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(Before It's News)

Alphabet logoTech titan Alphabet Inc (NASDAQ:GOOGL) received some very bullish commentary this morning from an analyst at Credit Suisse.

The firm reiterated its Outperform rating on the Google parent company, and lifted its price target to $1,070 from $940.00. That new target suggests a massive 33% upside to the stock’s Friday closing price of $804.60.

The Suisse analyst, Stephen Ju, sees upcoming Q3 earnings (expected on Oct. 27 after the bell) as a possible inflection point for the stock. In a note to clients today, Ju commented:

“Heading into the 2Q16 results we called out new ad products that can help maintain Google’s Web Site revenue growth momentum at a higher level, and feedback from advertisers suggests that budget deployment into search started to accelerate starting in 3Q16 as we head into the crucial Holiday period. This acceleration is due to an array of products new and old – advertisers have most often cited the newly-released Expanded Text Ads as one of the contributors, as they are only too happy to purchase the incremental paid clicks generated from the rise in click thru rates, especially as the ROI has remained consistent. And as the potential for deceleration into the tougher comparisons and multiple compression beginning in 3Q16 has been a primary factor in holding GOOGL shares back, we remain buyers as we submit that the stock warrants a higher multiple as it should be able to maintain FX-neutral growth rates in excess of 20%.”

Today’s bullish move from Credit Suisse follows similar recent moves from the likes of Axiom Capital and RBC Capital, both of which project the stock will reach $1,000 or more over the next year.

GOOGL shares were mostly flat in Monday morning trading. Year-to-date, GOOGL has risen 3.6%, versus a 4.5% gain in the benchmark S&P 500 index during the same period.

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