Alphabet Inc. (GOOGL) is a dominant growth engine with a 92% share of the online search market. After a 110% YoY increase in earnings in 2021, we expect another 20% YoY growth in the 2022 fiscal year. YouTube has successfully monetized its service by displaying ads and incentivizing content creators with money. The company is also making aggressive market entry strategies in the cloud industry, expected to grow at a rate above the industry's 21% CAGR. We initiate coverage with an Overweight rating based on a DCF-derived target price of $3380.00 (WACC 6.9%).
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