Wells Fargo lowered the firm's price target on Alphabet to $361 from $397 and keeps an Overweight rating on the shares. The firm sees Q1 as positive inflection in free cash flow revisions, with expected upward revenue and OI estimate revisions combined with steady CapEx after period of sustained pressure on free cash flow estimates. Further, Wells sees estimate upside driven mostly by non-cyclical factors, namely GCP.
