Alphabet Class A (GOOGL): New Buy Recommendation for This Technology Giant

KeyBanc analyst Justin Patterson maintained a Buy rating on Alphabet Class A (GOOGLResearch Report) today and set a price target of $3071.00. The company’s shares closed last Tuesday at $2638.00, close to its 52-week high of $2687.98.

According to TipRanks.com, Patterson is a 5-star analyst with an average return of 26.6% and a 67.2% success rate. Patterson covers the Technology sector, focusing on stocks such as DoubleVerify Holdings, Facebook, and PubMatic.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Alphabet Class A with a $3031.44 average price target, representing a 12.9% upside. In a report issued on July 20, Bank of America Securities also maintained a Buy rating on the stock with a $2755.00 price target.

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The company has a one-year high of $2687.98 and a one-year low of $1402.15. Currently, Alphabet Class A has an average volume of 1.39M.

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Alphabet is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google accounts for 99% of Alphabet’s revenue, of which, substantial revenue is generated from online ads. Google’s other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud services fees and other licensing revenue. Google also sells hardware products like Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home. Alphabet’s Other Bets business is comprised of moonshot investments in Access, Calico, CapitalG, GV, Verily, Waymo, X and others.

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