Analyst John Blackledge from TD Cowen reiterated a Buy rating on Alphabet Class C and increased the price target to $270.00 from $240.00.
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John Blackledge’s rating is based on several key insights from the latest survey on Alphabet’s Google Cloud Platform (GCP) and its position in the GenAI public cloud market. GCP has shown a strong performance, ranking as the second choice for companies considering adding an additional cloud provider, and maintaining its position as the third most recognized and used platform behind AWS and Azure. This indicates a growing interest and potential for GCP to capture more market share in the cloud services sector.
Additionally, Google’s Gemini has emerged as the second most popular provider of GenAI LLMs, suggesting a robust presence in the artificial intelligence landscape. The increased forecast for cloud revenue and the adjustment in depreciation and amortization estimates further support the positive outlook. These factors, combined with a discounted cash flow-based price target of $270, underpin the Buy rating for Alphabet Class C stock.
In another report released on September 4, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $269.00 price target.
Based on the recent corporate insider activity of 180 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GOOG in relation to earlier this year.