- Investment bank TD Cowen reaffirmed its buy rating and increased the 12-month price target for Alphabet (GOOG) to $475, a significant hike from its previous $450 target.
- Analysts suggest accumulating shares between $350-$360 could yield substantial profits, with a potential 31% return translating a $1,000 investment into over $1,300.
- Despite a recent price retracement from its yearly high of $408, Wall Street remains broadly bullish on Google stock, with other firms like Bank of America Securities also issuing optimistic forecasts.
On Tuesday, June 9, global investment bank TD Cowen reiterated a buy rating for Alphabet’s stock (NASDAQ: GOOG). Senior Equity Research Analyst John Blackledge communicated this bullish stance directly to clients in a formal note.
The firm’s analysts raised their price target to $475, marking one of the most optimistic forecasts on Wall Street. Consequently, this represents a $25 increase from their previous target of $450.
Analysts noted that purchasing shares near the $350 to $360 level could be particularly advantageous. They projected that this strategy could deliver extended profits of approximately 31% if the stock reaches its new target.
Google stock experienced a slight recovery on Tuesday, closing the trading session in positive territory. This 0.31% gain to $362 temporarily halted a downward trend that began in May.
Meanwhile, other major financial institutions share a similarly optimistic outlook for the search giant. For instance, Bank of America Securities analyst Justin Post predicted GOOG could reach $430.
The recent price dip follows the stock’s climb to a yearly high of $408. However, this correction is largely viewed as healthy consolidation after post-earnings profit-taking.
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