Justin Post, an analyst from Bank of America Securities, maintained the Buy rating on Alphabet Class A. The associated price target remains the same with $217.00.
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Justin Post has given his Buy rating due to a combination of factors including Alphabet’s stable key performance indicators and the potential for growth driven by AI adoption. Despite the rapid growth in AI usage across various platforms, Google’s metrics such as traffic, search share, and mobile daily active users have remained steady, suggesting that AI is complementing rather than disrupting existing search activities.
Moreover, the increasing use of the Google App and the traction of Gemini, with its substantial monthly active users, indicate a promising future for Alphabet. Post also believes that the market might be underestimating the potential upside from AI-driven enhancements in Google’s search and YouTube monetization. These factors, along with the anticipation of a Department of Justice ruling, contribute to the positive outlook for Alphabet’s stock.
In another report released on August 4, Robert W. Baird also maintained a Buy rating on the stock with a $0.00 price target.
GOOGL’s price has also changed slightly for the past six months – from $191.330 to $194.670, which is a 1.75% increase.