Alphabet Stock Has 12% Upside, According to 1 Wall Street Analyst
A recovery in the online advertising market has excited investors and pushed share prices of Google parent (NASDAQ: GOOG) (NASDAQ: GOOGL) to new highs over the last year. The stock is up 42% over the last 12 months, and analysts at Stifel Financial still see more upside.
The investment bank maintained a buy rating on Alphabet shares but raised its price target from $154 to $174. That's an 11% upside over the next 12 months from the current share price.
In December, the tech giant launched its new Gemini artificial intelligence (AI) large language model, which will lay the foundation for new AI services across Google Search, YouTube, and other products over the next several years. Wall Street is largely bullish on Alphabet's prospects because of its massive cash resources, years of investment in AI technology, and the potential for AI-powered Search to attract more users -- and therefore, grow advertising revenue.
Source Fool.com