《大行》招商證券升Alphabet(GOOGL.US)目標價至270美元 列行業首選評級「增持」
招商證券發表研報指,聯邦法官裁定Alphabet(GOOGL.US)可保留Chrome瀏覽器,但必須終止設備默認搜尋引擎排他性合同;又認為其AI持續進步且勢頭強勁:Android、YouTube、Chrome和雲服務的強大生態系統為廣告業務構築競爭護城河,儘管面臨聊天機械人競爭,過去幾個季度業績仍超預期。
該行表示,Alphabet估值在美國大型科技股中最低,考慮到廣告和雲業務表現穩定強勁,招商證券認為公司風險收益比吸引,且其他業務(如Waymo和YouTube)的價值未被充分認可;預計2024至2027財年收入及營業利潤複合年增長率分別為12%、13%。
該行基於折現現金流,將Alphabet目標價由原先225美元上調至270美元,分別對應今明兩個財年23倍、22倍非GAAP市盈率;評級「增持」。將谷歌與Meta(META.US)、DoorDash(DASH.US)、Netflix(NFLX.US)並列行業首選股。
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