Today’s Research Reports on Stocks to Watch: Alphabet and Amazon
Swiss Bank Credit Suisse helped shares of Amazon and Alphabet head higher on Wednesday after an analyst at the bank upped his price target on Alphabet to $1,350, the highest on the Street. Analyst Stephen Ju also raised his price target on Amazon to $1,350 a share from $1,100 a share.
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Alphabet Inc. shares closed up 1.71% on Wednesday with a little over 1.8 million shares traded. Shares headed higher after a Credit Suisse analyst upped his price target on the stock. Swiss bank Credit Suisse has lifted its price target from $1,100 to $1,350, the highest price target of any analyst on Wall Street according to FactSet. Wells Fargo has a price target of $1,250 on the stock. Analyst Stephen Ju of Credit Suisse wrote in a bullish note, ""Our conversations with advertisers suggest minimal search budget growth deceleration coupled with potentially accelerating spend on YouTube due to multiple factors." According to Ju, most of the companies that have boycotted Google’s YouTube advertising business have resumed spending on the platform. Ju wrote, "We believe nearly all of the advertisers who have publicly announced that they are halting spend are back on YouTube.”
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Amazon.com, Inc. shares closed up a modest 0.79% yesterday with nearly 2.4 million shares traded. There were several developments this week that are a positive for the e-commerce giant. The company launched on Wednesday, a program that allows parents to manage as well as fund their teen’s online shopping accounts. In an interview with Bloomberg, the company’s vice president of Alexa and Echo devices, Toni Reid, discussed Alexa’s future and says it is "going beyond the home." Most encouragingly, Credit Suisse reiterated an "outperform" rating on the stock and raised its price target to $1,350 a share. The firm wrote, "We believe the real path for Amazon to create lasting shareholder value is through fulfillment and delivery via Prime Now. To this end, we have modeled in assumptions for Amazon to underwrite the incremental expenses for Flex Drivers starting in 2H17 as it is our expectation for Prime Now delivery zip codes as well as available cities to expand meaningfully in the medium term.”
Access RDI’s Amazon.com, Inc. Research Report at:
Our Actionable Research on Alphabet Inc. (NASDAQ: GOOG) and Amazon.com, Inc. (NASDAQ: AMZN) be downloaded free of charge at Research Driven Investing.
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