Abhoy Sarkar's Avatar
published in Blogs
Apr 19, 2021
Alphabet (GOOGL, $2,281.59) shares get price target hike from J.P. Morgan analyst

Alphabet (GOOGL, $2,281.59) shares get price target hike from J.P. Morgan analyst

On Monday, Alphabet  shares got a price-target increase  from analysts at J.P. Morgan, based on fundamentals.

J.P. Morgan analyst Doug Anmuth raised his price target on the tech behemoth’s shares to $2,575 from $2,390. Anmuth affirmed his overweight rating on the shares.

Anmuth mentioned that Alphabet is well positioned across ads, clouds, and a number of other key initiatives to both drive and benefit from long-term digital trends. The analyst cited “attractive combination of top-line scale, growth and margins” as factors bolstering the view that valuation is attractive at 27 times the analyst’s 2022 estimated Alphabet GAAP earnings per share, or 22 times 2022 estimated GAAP earnings per share excluding cash and other bets.

According to Anmuth team’s valuation analysis, Alphabet has a market capitalization approaching $2 trillion, or $2,857 per share, which is 25% above where the shares currently trade.

 

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