GLONGHUI, April 30 | CMB International released a report saying that Alphabet's total revenue for the first quarter increased 15% year-on-year to US$80.5 billion, in line with market expectations. Net profit increased 57% year-on-year to US$23.7 billion, which exceeded market expectations, mainly due to improvements in corporate operating efficiency. The Group further enhanced shareholder returns, declared a quarterly interest rate of $0.2 per share and announced a new $70 billion share repurchase plan. The bank remains optimistic about profit growth prospects for the 2024-2026 fiscal year, mainly due to core search business support, artificial intelligence monetization opportunities, and controlling the pace of cost expansion. The bank raised the Group's profit forecast for the 2024-2026 fiscal year by 2% to 7%, and raised the target price from $172.2 to $185.5, which is equivalent to forecasting 27 times the price-earnings ratio for the 2024 fiscal year, maintaining a “buy” rating.
大行评级｜招银国际：上调Alphabet目标价至185.5美元 维持“买入”评级
Bank Ratings | CMB International: Raising Alphabet's Target Price to $185.5 to Maintain a “Buy” Rating
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