- Alphabet’s Google stock (NASDAQ: GOOG) has declined significantly since mid-May, falling from over $400.
- Analyst Joseph Bonner from Argus Research suggests the stock could bottom out near $330-$340, presenting a potential entry point.
- A bullish price target of $440 implies a potential 28% upside, driven by the company’s strong positioning in AI.
In a dramatic shift for the tech sector, Alphabet’s Google stock (NASDAQ: GOOG) has experienced a relentless decline throughout this month, with most trading sessions ending in the red after hitting a yearly high of $408 in mid-May.
Consequently, investor skepticism has grown as the price continues to fall deeper. However, one analyst offers a contrarian perspective. Analyst Joseph Bonner from Argus Research wrote in a note to clients that Google stock could be nearing a bottom.
The note indicated that taking an entry position at the $340 to $330 level or below could be beneficial. Bonner considers GOOG among the most promising stocks facing only a temporary blip.
The analyst provided a specific bullish price target, suggesting a double-digit upside swing is imminent. He wrote that Google stock could reach a high of $440 next, a profit of nearly $98 per share.
This Price Prediction estimates GOOG could rise approximately 28% from its current price. Meanwhile, the company remains a leader in Artificial Intelligence, positioned among the top five AI-related tech firms.
Alphabet is poised to roll out next-generation technology that could be transformative. Consequently, Google’s stock may benefit significantly from these ambitious projects in the coming months.
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