Goldman Sachs analyst Eric Sheridan has reiterated their bullish stance on GOOGL stock, giving a Buy rating yesterday.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Eric Sheridan has given his Buy rating due to a combination of factors including Alphabet’s strategic advancements in hardware and AI. The recent keynote presentation highlighted Google’s new hardware products like the Pixel 10 series, Pixel Watch 4, and Pixel Buds 2A, which demonstrate innovation by integrating AI and machine learning capabilities. Despite the hardware segment being relatively small compared to Alphabet’s other operations, Google’s ability to capture market share in the competitive smartphone and wearables market is notable.
Moreover, the introduction of AI features such as Magic Cue and generative AI tools through the Gemini brand showcases Google’s commitment to enhancing consumer internet experiences. These advancements not only increase the utility of Google’s products but also address broader investor concerns about the implementation and returns of AI investments. Sheridan sees these developments as key drivers for future growth, supporting his positive outlook on Alphabet’s stock.
According to TipRanks, Sheridan is a 4-star analyst with an average return of 5.7% and a 52.75% success rate. Sheridan covers the Communication Services sector, focusing on stocks such as Alphabet Class A, Netflix, and Electronic Arts.
In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a $222.00 price target.