Truist analyst Youssef Squali raised the firm’s price target on Alphabet to $220 from $196 and keeps a Buy rating on the shares ahead of its Q3 results. The firm contends that the quarter will come in line or slightly better than expected, fueled by healthy user engagement across Search and YouTube, higher ad prices vs. last year, and sustained performance in Cloud, the analyst tells investors in a research note. Operating expense containment should protect margins even as capital expenditures rise, while conversations with ad agencies suggest that Q2’s momentum was sustained during Q3 across Search and YouTube, with growth in Health, Travel, Tech and Political, Truist added.

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