<p><strong>字母表</strong>(GOOG 1.24%)(GOOGL 0.95%) 的股票在周一交易中小幅上涨，因为市场再次转为上涨，受到特朗普总统对电子产品关税缓和的积极消息的推动。截至东部时间上午 11:05，该股票上涨了 2.3%。</p>
<p>也许让投资者感到鼓舞的是投资银行 <strong>花旗集团</strong> 对字母表的评价并不太负面。</p>
<h2>花旗对字母表的看法</h2>
<p>正如 StreetInsider.com 今晨报道的那样，花旗根据对关税以及整体经济放缓可能抑制该行业增长前景的猜测，降低了对几只互联网股票的目标价。总体而言，花旗下调了对收入和利润增长的预测，但对字母表的 195 美元目标价保持不变。</p>
<p>这与 DA Davidson 今晨在 TheFly.com 上发布的报告形成对比，该报告警告同样的放缓（至少持续几个季度），但将字母表的目标价从 200 美元下调至 160 美元，并仅给予该股票 “中性” 评级。</p>
<h2>你应该买入还是卖出字母表？</h2>
<p>投资者似乎在这场辩论中更倾向于花旗——但我更同意戴维森的观点。碰巧的是，我在周末对我 “购物清单” 上的一系列股票进行了估值（我希望在价格变便宜时购买的股票）。字母表在这个清单上，我计算出它的自由现金流市盈率刚刚超过 25.5 倍。</p>
<p>相对于 16% 的预期增长率，这导致了 1.6 的自由现金流与增长比率，而我希望以接近 1.0 的比率进行购买。长话短说，我得出的结论是，价格需要降低 30% 到 40% 才能吸引我购买该股票。当然，DA Davidson 自己只是将目标价下调了 20%，但至少它朝着正确的方向移动。</p>
<p>我的估值是否过于保守？也许。但我宁愿安全而不后悔。大约 100 美元的股价将说服我购买字母表的股票。</p>

谷歌-A

谷歌-C

<p>由于关于特朗普总统对电子产品关税的积极消息以及花旗集团维持 195 美元目标价的支持性报告，Alphabet 的股票在周一上涨了 2.3%。相比之下，DA Davidson 将其目标价从 200 美元下调至 160 美元，并将该股票评级为 “中性”。虽然投资者倾向于花旗的前景，但包括作者在内的一些分析师认为，考虑买入需要显著的价格下跌，Alphabet 的目标价格约为每股 100 美元</p>

<p><strong>Alphabet</strong>(GOOG 1.24%)(GOOGL 0.95%) stock inched higher in Monday trading as the market turned green again on positive news of a moderation of President Trump's tariffs on electronic goods. As of 11:05 a.m. ET, the stock is up a modest 2.3%.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.24%)(GOOGL 0.95%) 的股票在周一交易中小幅上涨，因为市场再次转为上涨，受到特朗普总统对电子产品关税缓和的积极消息的推动。截至东部时间上午 11:05，该股票上涨了 2.3%。</p>
</div><p>Also perhaps encouraging investors was a not-too-negative note on Alphabet from investment bank <strong>Citigroup</strong>.</p>
<div class="lb-trans"><p>也许让投资者感到鼓舞的是投资银行 <strong>花旗集团</strong> 对字母表的评价并不太负面。</p>
</div><h2>What Citi said about Alphabet</h2>
<div class="lb-trans"><h2>花旗对字母表的看法</h2>
</div><p>As StreetInsider.com reported this morning, Citi has trimmed its price targets on several internet stocks based on its guesses as to how the tariffs, and a generally slowing economy, might depress growth prospects in this sector. Broadly speaking, Citi is reducing its forecast for both revenue and profits growth, but leaving its $195 price target for Alphabet in particular intact.</p>
<div class="lb-trans"><p>正如 StreetInsider.com 今晨报道的那样，花旗根据对关税以及整体经济放缓可能抑制该行业增长前景的猜测，降低了对几只互联网股票的目标价。总体而言，花旗下调了对收入和利润增长的预测，但对字母表的 195 美元目标价保持不变。</p>
</div><p>This contrasts with a note from DA Davidson, carried on TheFly.com this morning, that warns of the same slowdown (at least for a couple quarters), but cuts <em>its</em> Alphabet price target from $200 to $160 -- and rates the stock only &#34;neutral.&#34;</p>
<div class="lb-trans"><p>这与 DA Davidson 今晨在 TheFly.com 上发布的报告形成对比，该报告警告同样的放缓（至少持续几个季度），但将字母表的目标价从 200 美元下调至 160 美元，并仅给予该股票 “中性” 评级。</p>
</div><h2>Should you buy or sell Alphabet?</h2>
<div class="lb-trans"><h2>你应该买入还是卖出字母表？</h2>
</div><p>Investors seem to be siding with Citi in this debate -- but I find myself more in agreement with Davidson. As luck would have it, you see, I was running valuations of my own on a series of stocks on my &#34;shopping list&#34; (stocks I'd like to buy as prices get cheaper) over the weekend. Alphabet was on this list, and I calculated it as selling for just over 25.5 times free cash flow.</p>
<div class="lb-trans"><p>投资者似乎在这场辩论中更倾向于花旗——但我更同意戴维森的观点。碰巧的是，我在周末对我 “购物清单” 上的一系列股票进行了估值（我希望在价格变便宜时购买的股票）。字母表在这个清单上，我计算出它的自由现金流市盈率刚刚超过 25.5 倍。</p>
</div><p>Relative to a 16% projected growth rate, that yielded a price-to-free cash flow-to-growth ratio of 1.6, whereas I like to buy for a ratio closer to 1.0. Long story short, I concluded it will take a 30% to 40% reduction in price to entice me to buy the stock. Sure, DA Davidson itself is only lowering its price target by 20%, but at least it's moving in the right direction.</p>
<div class="lb-trans"><p>相对于 16% 的预期增长率，这导致了 1.6 的自由现金流与增长比率，而我希望以接近 1.0 的比率进行购买。长话短说，我得出的结论是，价格需要降低 30% 到 40% 才能吸引我购买该股票。当然，DA Davidson 自己只是将目标价下调了 20%，但至少它朝着正确的方向移动。</p>
</div><p>Is my valuation too conservative? Perhaps. But I'd rather be safe than sorry. It's going to take about a $100 or so share price to convince me to buy Alphabet stock.</p>
<div class="lb-trans"><p>我的估值是否过于保守？也许。但我宁愿安全而不后悔。大约 100 美元的股价将说服我购买字母表的股票。</p>
</div>

Why Alphabet Stock Popped on Monday

- Alphabet 股票因特朗普对电子产品关税的缓和而小幅上涨 2.3%。  
- 投资银行 Citi 保持 Alphabet 目标价 195 美元，但下调其他互联网股票预期。  
- DA Davidson 则将 Alphabet 目标价从 200 美元降至 160 美元，评级为 “中性”。

为什么 Alphabet 的股票在周一大涨