Seaport Research analyst Aaron Kessler upgraded Alphabet (GOOGL) (GOOG) to Buy from Neutral with a $200 price target. The firm cites the company’s continued advertising momentum and expectations for continued near-term strength driven in part by artificial intelligence for the upgrade. Alphabet is seeing accelerating cloud growth, with cloud strength benefiting from AI adoption, as well as continued operating margin leverage driven by efficiencies, which should continue into 2025, the analyst tells investors in a research note. While the Justice Department investigations could continue to be an overhang, Seaport does not expect any near-term headwinds as the appeals process could take some time, the analyst adds.
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