In a report released yesterday, Doug Anmuth from J.P. Morgan maintained a Buy rating on Alphabet Class C (GOOG – Research Report), with a price target of $220.00.
Doug Anmuth has given his Buy rating due to a combination of factors that highlight Alphabet’s strong position in the digital economy and its potential for future growth. The acquisition of Wiz, a leading cloud security platform, is expected to enhance Google’s cybersecurity offerings and strengthen its multicloud value proposition. This move is anticipated to deepen Google’s enterprise relationships, as Wiz is already utilized by over half of the Fortune 100 companies.
Additionally, Anmuth emphasizes Alphabet’s solid fundamentals and its focus on innovation, particularly in the areas of Generative AI and digital advertising. The company is seen as a primary beneficiary of the shift towards a more digital economy, with significant growth potential in its Cloud and YouTube subscription services. Despite potential risks such as increased competition and regulatory scrutiny, Anmuth remains confident in Alphabet’s ability to innovate and maintain strong revenue and earnings growth, justifying the Buy rating.
According to TipRanks, Anmuth is a top 100 analyst with an average return of 19.0% and a 60.65% success rate. Anmuth covers the Communication Services sector, focusing on stocks such as Alphabet Class A, Alphabet Class C, and Netflix.