The recent launch of Alphabet’s (NASDAQ:GOOG) Google arm of new devices has caught a lot of attention over the last few days. Especially after the Made by Google event showed off all the new hardware. Now, Alphabet has just a little more love from analysts as Monness, Crespi, Hardt offered up some new analysis on the stock. But that wasn’t enough for investors, as Alphabet is down fractionally in Thursday afternoon’s trading.
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The word came from analyst Brian White, who maintained a Buy rating on Alphabet shares. He highlighted Google’s ability to work in several major and growing arenas, including artificial intelligence (AI), digital advertising, digital transformation efforts, and even cloud-based systems. Google is also in good shape to modify its cost structure to get lean and enjoy greater agility. White even noted that the “…stars in the Google universe shine brighter as AI lights up new Pixel devices.”
And indeed, we already see some of the effects that AI has on Google’s hardware. All of the Pixel phones’ cameras boast some AI inclusion. Indeed, both phones run the Tensor G3 chip—a proprietary chip Google makes itself—that offers up significant processing power, enough for both AI and machine learning operations to step in and help improve the picture-taking experience. In fact, reports note that the Pixel and Pixel Pro will both boast better screens and similar refresh rates to the iPhone 15 Pro and iPhone 15 Pro Max.
Is Google a Good Stock to Hold?
With that in mind, it’s small wonder analysts are behind Alphabet as far as they are. In fact, Alphabet stock is considered a Strong Buy by a unanimous analyst consensus of seven Buy ratings. Further, with an average price target of $147.43, Alphabet stock offers investors 8.45% upside potential.