Loop Capital analyst Rob Sanderson upgraded Alphabet (GOOG) (GOOGL) to Buy from Hold with a price target of $320, up from $260. The firm its concerns regarding the sustainability of the company’s search revenue growth under artificial intelligence cannibalization and transition risk is no longer a concern shared by investors. Google’s search results “remain as healthy as ever” while traffic share to Gemini has doubled year-over-year, and the position of Google Cloud and size of opportunity for its proprietary artificial intelligence processors “is becoming better appreciated,” the analyst tells investors in a research note. Loop upgraded Alphabet after significantly raising its growth outlook for Google Cloud.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GOOGL:
- ‘Copycat!’ Elon Musk Slams Jeff Bezos After AI Startup Prometheus Launch
- Google Stock (GOOGL) Jumps as New AI Search Tool Hits Travel Stocks
- Nvidia Is About to Report Q3 Earnings. Options Traders Brace for a 7.38% Move in NVDA Stock
- GOOGL Stock Rises as Warren Buffett’s $4.3B Bet Boosts Investor Confidence
- Moderately bullish activity in Alphabet with shares up 2.99%