Why Alphabet Stock Popped on Monday
Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) stock inched 2.5% higher through 1:10 p.m. ET Monday after getting a boost from investment bank Wedbush.
Previewing Alphabet's expected Q2 earnings report Tuesday, Wedbush reiterated its $205 price target and outperform rating on the stock, based on its belief that competition from rival artificial intelligence (AI) services has done little damage to Google's dominant internet search business.
Growth at Alphabet's all-important Google Search business should be as high as 12.8% in Q2, argues Wedbush analyst Scott Devitt in a note covered by The Fly today -- better than the 12% growth Wedbush previously postulated, and very close to the 12.9% revenue growth analysts are forecasting for Alphabet overall this quarter.
Source Fool.com
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