BofA raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $370 from $335 and keeps a Buy rating on the shares after Apple (AAPL) and Google entered into a multi-year collaboration under which the next generation of Apple Foundation Models will be based on Google’s Gemini models and cloud technology. In addition, Google and Walmart (WMT) announced a partnership on Sunday at NRF that will bring Walmart inventory to the Gemini app using Google’s Universal Shopping Protocol, notes the analyst. The firm thinks the Apple and Walmart deals warrant a higher multiple given increased evidence of traction for Google’s Gemini capabilities, the analyst tells investors.
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