《大行報告》德銀下調Alphabet(GOOG.US)目標價至120美元 評級「買入」
德銀發表研究報告指,Alphabet(GOOG.US)與許多同行相比,定位相對較好,但集團第三季業績仍低於市場預期。季內,集團廣告業務普遍出現減速,這並不完全令人意外。總體而言,第三季業績符合該行預期,綜合收入約為691億美元,主要由YouTube推動以及谷歌網絡在季內的增長慢於預期,因為這兩個部分最容易受到宏觀逆風的影響。谷歌雲和其他服務部門在季內的業績優於預期,分別錄得68.7億美元和69億美元的收入,分別超出該行預期約5%和約1%,這是受惠於雲計算領域的持續發展勢頭和強勁的硬件銷售。
該行表示,在全球宏觀環境日益動盪和高通脹幾乎沒有放緩跡象的情況下,鑑於廣告行業的不確定性,尤其是YouTube暴露於品牌廣告市場,,下調今年第四季及明年收入預測各1%及2%。該行認為谷歌雲的強勁勢頭以及最近為擴大YouTube性能的廣告產品所做的努力,可能會為2023年的收入增長提供支持。該行下調集團目標價,由130美元降至120美元,予「買入」評級。
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