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Alphabet Jumps 8% as Wall Street Lifts Price Targets

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·1 min read
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By Liz Moyer

Investing.com -- Google's parent Alphabet Inc Class A (NASDAQ:GOOGL) jumped 8% on Wednesday after the company reported better-than-expected revenue and profit for the fourth quarter.

Several analysts raised their price targets on the stock following the positive earnings news. Alliance Bernstein bumped its target to $2,500, reiterating its buy rating. The new target implies the stock has another 24% upside from its current price around $2077, which is a 52-week high.

Guggenheim, Jefferies (NYSE:JEF), and Cowen analysts raised their price targets to $2,400. UBS raised its target to $2,300.

The company reported adjusted earnings per share of $22.30 on revenue of $56.90 billion after the closing bell on Tuesday. Analysts expected EPS of $15.90 and $53.13 billion in revenue, Alphabet’s revenue increased 23% on an annualized basis thanks to a recovery in ad spending.

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