Jefferies reaffirms its 'buy' recommendation on Alphabet, with an adjusted price target of $175 to $180, ahead of first-quarter results from the technology group that operates Google and YouTube among others.

'We would remain long on Alphabet through the second half of the year, as we see it rising on improving momentum in the core advertising business and as visibility improves for the eventual (2025?) AI tailwind', it asserts.

For the first quarter, the broker expects a slight increase in advertising segments and online cloud revenues, although the 12% rise in the share price since the start of the year already reflects optimistic valuations, in his view.

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