Google-parent Alphabet is beating the market by a long shot — but a lofty valuation and legal risks in Europe are dampening opportunities for investors, according to CFRA analyst Scott Kessler.
Kessler took the stock down a notch on Friday, from "strong buy" to "buy," citing the stock's nearly 26 percent rally so far this year, beating the S&P 500's rise of almost 9 percent.
But while the stock is "attractively valued," it is not "compellingly priced," he wrote.
"The primary reason is pretty simple — our target price is $1,070," Kessler told CNBC. "With the stock a shade under $1,000, that's roughly 7 percent upside.. ... With the sentiment