(CercleFinance.com) – The day after the technology group’s quarterly results, Jefferies reaffirms its ‘buy’ recommendation on Alphabet with a price target raised from $3,500 to $3,600, deeming it attractive at a 2023 EV/EBITDA ratio on the basis of 12 .4 times its raised estimates.
‘The massive and diverse audience, combined with an expanding and innovative advertising format portfolio, delivered another strong quarter at scale ($75 billion, or 32% growth, at 35% operating margin) ‘, notes the broker.
Jefferies is raising its expectations for Alphabet in 2022, now targeting net revenue of $244.9 billion, an operating margin of 35.7% and EPS of $118.86, down from $241.9 billion, respectively, 35, 6% and $109.53 in previous expectations.
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