In a report released today, Doug Anmuth from J.P. Morgan reiterated a Buy rating on Alphabet Class C, with a price target of $260.00.
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Doug Anmuth has given his Buy rating due to a combination of factors that favor Alphabet Class C’s stock. The recent judicial remedies concerning Google’s Search Commercial Agreement were less severe than expected, which is advantageous for Google. These remedies do not impose significant financial burdens on the company, allowing it to maintain its competitive edge, particularly in the rapidly evolving search landscape influenced by generative AI technologies.
Furthermore, Google’s strategic position in AI, supported by its comprehensive infrastructure, provides a competitive advantage. This is evidenced by the company’s partnerships with major players like OpenAI and META, which rely on Google’s technology. The strength of Google Cloud and the anticipated acceleration in the latter half of the year further bolster the company’s prospects. These factors, combined with Google’s effective balance between AI evolution and monetization, underpin Anmuth’s positive outlook and the raised price target of $260.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $240.00 price target.