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Jefferies raises price targets on Facebook and Alphabet ahead of earnings

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The logo of Alphabet Inc’s Google outside the company’s office in Beijing, China, August 8, 2018.

Thomas Peter | Reuters

Analysts at Jefferies hiked their price targets for a pair of tech giants ahead of first-quarter earnings reports, citing confidence in the strength of the digital advertising market during the opening months of the year.

The firm raised estimates for Google-parent Alphabet and Facebook, saying in a note to clients that its research showed that the advertising recovery in the fourth quarter continued to gain steam once the calendar turned to 2021. Jefferies has buy ratings on both stocks.

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