Stifel analyst Mark Kelley has downgraded Alphabet's price target from $225 to $192 but has retained a Buy rating for the shares. This decision comes even as the advertising sector is performing better than anticipated. Nonetheless, the firm has made broad reductions in its estimates for digital advertising, e-commerce, marketplaces, and subscriptions, with concerns that consumer price increases could slow growth in e-commerce and marketplace gross merchandise volume (GMV). Kelley expressed significant discomfort with the current forward estimates, a sentiment not felt since the COVID pandemic.
Stifel analyst Mark Kelley has reduced Alphabet's price target from $225 to $192, maintaining a Buy rating, citing discomfort with forward estimates amid slowing growth.
Despite better-than-expected advertising performance, Stifel is lowering estimates across digital advertising and expects e-commerce growth to either slow or decline due to rising consumer prices.
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