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Pro Analysis

Buy Alphabet on 'new advertising products,' top analyst says as he raises target to $1,070

Google CEO Sundar Pichai
Chesnot | Getty Images
Google CEO Sundar Pichai

Investors should buy Alphabet shares on the prospect of strong growth from its new ad offerings, according to Credit Suisse, which reiterated its outperform rating and raised its price target for the Google parent by 14 percent to $1,070.

"New advertising products starting to exert a positive impact...feedback from advertisers suggests that budget deployment into search started to accelerate starting in 3Q16 as we head into the crucial Holiday period," analyst Stephen Ju wrote in a note to clients Monday.

Ju's picks have an 18.3 percent one-year average return with a 75 percent success rate, according to analyst ranking service TipRanks, placing him in the top 1 percent of all Wall Street analysts covering any industry.