Jefferies reaffirms its 'buy' recommendation on Alphabet, with a price target raised from $220 to $235, believing that 'the outlook looks positive as consumers, advertisers and businesses continue to spend'.

The broker points to a 'win-win' publication, with revenues ahead of expectations across all segments, Cloud accelerating for a fourth quarter, and a better-than-expected operating margin despite ongoing investments.

Artificial intelligence is increasingly seen as a well-managed enabler, improving advertising effectiveness, attracting customers to the Cloud and improving internal efficiency", adds Jefferies.

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