Jefferies reaffirms its 'buy' recommendation on Alphabet with a price target raised from $165 to $170, believing that the stock of the parent company of Google and YouTube 'can continue to climb even after rising 58% in 2023'.

In support of its optimism, the broker mentions, among other things, accelerating advertising revenue growth, favorable comparables, notable strength in search activities and favorable winds related to AI.

Valuation remains reasonable at 12.1x EV/EBITDA 2024, in line with the 10-year average and below the S&P500's 13.6x. The future appointment of the CFO could be a catalyst', adds the broker.

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