We’re boosting our price target on Alphabet by $30 after it delivered the quarter we’ve been waiting for

Sundar Pichai, CEO of Alphabet, during the Google I/O Developers Conference in Mountain View, California, May 10, 2023.
David Paul Morris | Bloomberg | Getty Images

Alphabet on Thursday delivered a knockout first-quarter report, with sales, operating margin and profits all topping Wall Street expectations. The search giant also reloaded its stock buyback program and initiated a quarterly dividend for the first time in its history.

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