Alphabet (Buy, TP: $155, +20%) Raising Estimates and Target Price: GOOGL 2Q23 Model Update
We increase our 2023 and 2024 revenue estimates due to our increased confidence in GOOGL’s digital advertising recovery -- notably YouTube -- as well as strong momentum in Cloud and Google Other.Alphabet is a holding company. Through its subsidiaries, the company is engaged in a collection of businesses, which its primary business is Google. The company reports all non-Google businesses collectively as Other Bets. Google's main products and platforms are Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. The company also provides advertisers with tools that help them attribute and measure their advertising campaigns. In addition, Other Bets includes Access, Calico, CapitalG, GV, Verily, Waymo, and X, among others. Other Bets primarily engages in the sales of internet and TV services through Access as well as licensing and research and development services through Verily.
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