William Blair analyst Ralph Schackart has maintained their bullish stance on GOOG stock, giving a Buy rating on October 27.
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Ralph Schackart’s rating is based on several key factors that highlight Alphabet’s strong performance and strategic advancements. Firstly, Alphabet has demonstrated impressive revenue growth, with a notable acceleration in its total revenue by nearly 16% this quarter. This growth is driven by the consistent performance of its search, YouTube ads, and cloud revenue segments, which have shown consecutive quarters of acceleration. Additionally, the company’s focus on AI has resulted in high engagement levels, particularly in commercial queries, which further supports its revenue growth.
Moreover, Alphabet’s strategic initiatives in AI and cloud services have strengthened its market position. The integration of AI into search has increased query growth rates, and the company has made significant improvements to its AI mode, leading to a substantial daily active user base. In the cloud sector, Alphabet has expanded its customer base and deepened relationships with existing clients, resulting in a significant increase in cloud backlog. These factors, combined with the company’s ongoing innovations and strategic partnerships, underpin Ralph Schackart’s Buy rating for Alphabet Class C stock.
Schackart covers the Communication Services sector, focusing on stocks such as Meta Platforms, Netflix, and Alphabet Class C. According to TipRanks, Schackart has an average return of 14.6% and a 60.00% success rate on recommended stocks.
In another report released on October 27, J.P. Morgan also reiterated a Buy rating on the stock with a $300.00 price target.