"Bernstein raised the firm's price target on Alphabet to $390 from $345 and keeps a Market Perform rating on the shares following quarterly results."
"The firm revises up its EV/EBIT multiple from 25 times to 28 times driven by strong Cloud momentum."
"Bernstein considers Alphabet primarily a digital advertising business and benchmark valuation to comparable peers in this industry set."
Bernstein increased Alphabet's price target from $345 to $390 while keeping a Market Perform rating. The firm adjusted its EV/EBIT multiple from 25 times to 28 times, attributing this change to robust Cloud performance. Bernstein views Alphabet mainly as a digital advertising company and benchmarks its valuation against comparable peers in the industry.
Read at TipRanks Financial
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