Alphabet stock gains on strong results, William Blair reiterates Outperform
Alphabet stock gains on strong results, William Blair reiterates Outperform
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Investing.com - William Blair reiterated an Outperform rating on Alphabet (NASDAQ:GOOGL) after the company surpassed investor expectations in search and cloud. The stock traded up about 6% in after-hours following the results, pushing shares to $349.94, just shy of the 52-week high of $355.79. The stock has surged 121% over the past year. William Blair said investors are gaining comfort with elevated capital expenditure levels as the company’s full-stack approach to AI materializes in its results. The firm forecasts roughly 15% to 20% upside in the shares through the next 12 months using a discount rate of 10% and an EBITDA multiple of 16 times.
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