- Today the Alphabet stock (NASDAQ:GOOG) (NASDAQ:GOOGL) increased by more than 3.5% following a bullish report by Deutsche Bank
Today the Alphabet stock (NASDAQ:GOOG) (NASDAQ:GOOGL) increased by more than 3.5% following a bullish report by Deutsche Bank. Today Deutsche Bank also increased its price estimates for other companies that generate revenue from digital advertising like Snap, Pinterest, Twitter, and Facebook.
In an analyst consensus report, there are 7 analysts that say strong buy, 6 say buy, 1 is neutral. In that consensus report, no analysts have voted for sell or strong sell.
“We are bullish on the ad names into Q3 results given a continued ad recovery through Q3 and a strong outlook for Q4 based on our industry conversations,” said Deutsche Bank analyst Lloyd Walmsley in a report for clients via Barrons. “We are bullish on the space into 2021, where a continued cyclical recovery and easy comps will drive accelerating growth and margin recovery, with potential for more share gains across online advertising.”
Walmsley also noted that Google has a better balance of risks and rewards. Walmsley maintained a “Buy” rating on Alphabet. And the price target was increased from $1,975. The new price target represents an upside of 2.2%.
Deutsche Bank is not the only firm that offered a bullish Alphabet report recently. About a month ago, KeyBanc initiated an “Overweight” rating on Alphabet with a $1,955 price target. And in late August, UBS initiated a “Buy” rating on Alphabet stock with a price target increase from $1,600 to $1,970.
Disclosure: I have a small position of Alphabet stock in my portfolio