Alphabet Inc. was initiated with an overweight rating and $1,030 stock price target Friday at Pacific Crest Securities. Analyst Andy Hargreaves said Alphabet’s current valuation underestimates the sustainability of Google’s search and YouTube businesses. He believes YouTube could launch a multichannel video programming service in 2017. Shares of Alphabet rose 0.5% to $828.03 in premarket trade. They’ve risen 0.3% in the past three months and 15% in the past year. The S&P 500 , meanwhile, is up 6% in the past three months and 22% in the past year. The average rating on the stock is the equivalent to buy, while the average price target is $960.59, according to a survey of roughly 30 analysts surveyed by FactSet.
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