《大行》花旗升Alphabet(GOOGL.US)目標價至225美元 重申「買入」評級
花旗研究報告指出,鑑於Alphabet(GOOGL.US)搜尋業務變現趨勢改善,付費點擊增長加速至年增4%,對谷歌雲平台(GCP)服務的需求增加(2.5億美元以上交易數量較去年同期增長2倍以上),以及利潤率擴大,對該股持樂觀態度。
花旗表示,需明確的是,廣泛搜尋市場持續演變,仍是競爭最激烈的市場之一,關於搜尋未來的討論仍在繼續。但鑑於谷歌的人工智能技術能夠支援更多用例,其商業和人工智能查詢量持續成長,且隨著AI-O全球推出、AI模式擴展以及應用程式Gemini採用率的提升,Google的新產品似乎正獲得市場認可,其策略在市場也逐漸明朗化。
花旗表示,隨著產能限制逐步改善,對雲端業務收入和訂單積壓的加速增長印象深刻,以及在該業務需求增加下,公司將2025年資本支出指引上調100億美元。花旗重申對該股「買入」評級,並基於2026年預估一般公認會計原則(GAAP)每股盈利10.63美元的約21倍市盈率,將目標價從203美元上調至225美元。
花旗認為,Alphabet是網絡行業中定位最佳的公司之一。在谷歌的廣告產品中,搜尋業務在2024年重新加速增長,這得益於公司重新投資於改善搜尋體驗,強調其AI和機器學習計劃,並專注於電子商務,提升了對用戶和廣告商的整體相關性。
花旗又認為,谷歌的產品光環,包括15款產品月活躍用戶超過5億,7款產品月活躍用戶超過20億,將持續推動搜尋使用率,並對Gemini 2.5 Pro和擴展版AI模式的表現印象深刻。
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