- Alphabet (GOOGL) receives higher price targets from multiple Wall Street analysts, citing growth in its search and cloud businesses.
- Morgan Stanley increases its price target for Alphabet from $210 to $270 with an “overweight” rating, forecasting about 10% potential upside.
- The company’s share price climbed 15% in the past month after a legal victory with the DOJ and joining the $3 trillion market capitalization club.
- Other firms, including Pivotal Research and Jefferies, also raised their target prices and maintain positive ratings on GOOGL.
- The stock currently trades near its yearly highs and above its 200-day simple moving average.
Alphabet stock is gaining momentum, as new analyst reports point to its search and cloud businesses as key drivers of future growth. On Thursday, Morgan Stanley raised its target price on the tech giant’s shares from $210 to $270, stating an “overweight” rating that reflects confidence in further gains.
The revised target from Morgan Stanley forecasts a potential upside of about 10%. Alphabet shares have shown strong performance recently, increasing 15% over the last 30 days after a court win against the Department of Justice that allowed the company to keep its Chrome browser business. The company also reached a market value of $3 trillion last month.
Other major analysts have shared similar positive outlooks. Pivotal Research adjusted its price target for GOOGL from $245 to $300 and assigned a “buy” rating. Jefferies, another research firm, lifted its target to $285 from $230 while keeping a Buy rating. According to CNN, out of 73 analysts surveyed, 82% recommend buying GOOGL stock, and none suggest selling.
At the time of reporting, Alphabet stock trades near the top end of its 52-week price range and remains above its 200-day simple moving average, an often-used benchmark for analyzing stock trends.
While analysts see potential, the company faces some regulatory risks. Concerns remain over a possible new fine or lawsuit by the European Union regarding Google and its Chrome browser. Despite these issues, the company remains a top pick among the so-called magnificent-seven technology stocks.
For more about shifts in the tech sector, see: Amazon-why-growing-ai-competition-142842195.html”>Amazon: Why Growing AI Competition is a Concern for AMZN Stock.
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