Avery Schumer
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Alphabet Sees Strong Growth, But Not Everyone On The Street Is Rushing To Buy

Analysts at Wells Fargo aren't fazed by the 3-percent decline in Alphabet Inc  's stock after the company's earnings report. The firm's Peter Stabler maintains an Outperform rating on Alphabet's stock with an unchanged $1,150 price target.

Alphabet's earnings report was powered by a strong performance across all of its units and highlighted by a 20 percent gain in the top line, Stabler said in a research report. Meanwhile, the company's ongoing improvements to its advertising business represent "durable growth engines" and fully addresses the needs of marketers.