Alphabet Inc. (GOOGL) (GOOG) just picked up a fresh vote of confidence from MoffettNathanson. Analyst Michael Nathanson lifted his price target on the stock to $295 from $230 while keeping a buy rating. The new target points to a possible gain of 19% from the latest close and comes in just below the Street high of $300.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The analyst pointed to Alphabet’s leadership in artificial intelligence and its reach across many areas of tech. He said the company has shown clear strength in multimodal search, which blends text, image, and other inputs. In his view, Alphabet has moved from reacting to rivals to setting the pace in product rollouts.
Market Standing and Growth
Alphabet shares have gained more than 70% from their April low. The stock is now up over 30% this year, which is nearly twice the rise of the Nasdaq 100 Index (NDX) at 17%. Alphabet’s market value now sits just under $3 trillion, placing it fourth among the largest firms. Nvidia (NVDA) leads the way at $4.3 trillion, followed by Microsoft (MSFT) at $3.79 trillion and Apple (AAPL) at $3.74 trillion.
In addition, Alphabet recently cleared a key hurdle in a long antitrust case. A United States district judge prevented the most severe remedies requested by regulators, including a potential sale of its Chrome browser. That outcome lifted a heavy shackle from the stock. At the same time, the company’s second-quarter earnings showed that strong demand for AI tools is giving sales a boost.
As a result, investor confidence in Alphabet has grown. Nathanson wrote that the company’s scale and mix of assets make it a strong candidate to rival its peers for the top market spot worldwide.
Is GOOGL Stock a Buy?
On the Street, Google scores a Strong Buy consensus, with an average GOOGL stock price target of $242.06. This implies a 2.06% downside from the current price.
