$Alphabet(GOOG)$
The firm lowered its price target on the Google owner to $425 from $450, implying 33% upside from Friday's close.
Alphabet recorded robust revenue growth across core business segments, largely driven by resilient ad performance from Gemini integration, which grew more than 14% year-over-year. Its second-quarter revenue and adjusted profit both climbed 24% from a year earlier, while Google Cloud revenue surged 82% to $24.8 billion.
However, heavy capital expenditure pushed free cash flow to negative $5.9 billion, its first negative quarter since Alphabet's 2004 IPO, according to Phillip Securities analyst Serena Lim Yi Qi.
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