Bank of America (BAC) has reiterated a Buy rating on Alphabet’s (GOOGL) stock after the technology giant’s latest developer conference.
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The bank also reiterated its $430 price target on GOOGL stock, which is 12% higher than where the shares currently trade. Justin Post, a top five-star rated analyst, said the latest developer conference reinforced his view that Alphabet remains well positioned to lead the next phase of consumer artificial intelligence (AI) adoption.
Post said Alphabet demonstrated significant progress with the launch of several new AI models and products that offer faster speeds and lower costs than the company’s competitors. As such, Bank of America expects Alphabet to continue to lead in the global AI race.