《大行》大摩升Alphabet(GOOGL.US)目標價至210美元 AI驅動增長加速
摩根士丹利表示,Alphabet(GOOGL.US)第二季旗下搜尋、YouTube及Google Cloud業務均實現加速增長,GenAI賦能創新推動增長動能增強。該行維持每股盈利預測基本不變,因爲收入增長被折舊攤銷及投資增加所抵銷,但繼續給予「增持」評級,因創新加速將支撐長期增長。
大摩上調Alphabet於2026及2027年收入預測分別約1%及2%,每股盈利預測基本持平,目標價由205美元上調至210美元。調整基於Google Cloud增長預測,各於2026年及2027年分別上調4%及5%,同時上調資本支出預測,2026年及2027年各增加8%,導致每股自由現金流(FCF)分別下調7%及5%。儘管如此,雲業務加速及人工智能產品採用率提升應支持估值擴張。該行將2026年每股盈利倍數上調3%至20倍,自由現金流倍數上調10%至32倍。最新自由現金流預測尚未反映「大而美法案」(OBBBA)可能帶來的250億美元潛在效益。
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