(CercleFinance.com) – Jefferies reaffirms its ‘buy’ recommendation on Alphabet with a price target raised from 165 to 170 dollars, believing that the title of the parent company of Google and YouTube ‘can continue to rise even after having increased by 58% in 2023’.
To support its optimism, the broker notably mentions an acceleration in the growth of advertising revenues, favorable comparison bases, notable vigor in search activities and tailwinds linked to AI.
‘The valuation remains reasonable at a 2024 EV/EBITDA ratio of 12.1 times, which is in line with the 10-year average and below the S&P500 ratio of 13.6 times. The future appointment of the financial director could be a catalyst, adds the broker.
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