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CFRA downgrades Alphabet on valuation

CFRA analyst Scott Kessler on June 2 downgraded Alphabet Inc.'s class A stock to "buy" from "strong buy," citing valuation.

The analyst continues to expect Alphabet to sustain growth through mobile and YouTube Inc., along with other growth opportunities such as the cloud, self-driving cars, artificial intelligence and machine learning.

CFRA, however, expects Alphabet to continue to face legal and regulatory risks, especially in Europe.