Credit Suisse Raises its Price Targets on Facebook and Alphabet

Alphabet and Facebook just received the highest price forecasts on Wall Street by Credit Suisse.

The firm has reiterated “outperform” ratings on both of the stocks and raised their price targets citing increasing ad spending.

The firm’s analyst Stephen Ju wrote in a note about Alphabet, “Our conversations with advertisers suggest minimal search budget growth deceleration coupled with potentially accelerating spend on YouTube.”

He also wrote, “We continue to believe that the opportunity for YouTube to become a significantly larger revenue contributor is still largely ahead of us.”

Ju raised his price target on Alphabet from $1,100 to $1,350, making it the highest price target out of 39 analysts according to FactSet.

Ju raised his price target on Facebook from $190 to $235, also the highest forecast on the company out of 40 analysts according to FactSet.

Disclaimer: We have no position in Alphabet Inc Class A (NASDAQ: GOOGL) nor Facebook, Inc. Common Stock NASDAQ: FB) and have not been compensated for this article.