Truist raised the firm’s price target on Alphabet (GOOGL) to $285 from $225 and keeps a Buy rating on the shares. The company continues to dominate the Search market at over 90% share even as new Gen-AI platforms are growing users and usage, the analyst tells investors in a research note. Google dominates the all-important commercial queries while AI search accounts for only about 1% of total referral traffic and an immaterial percent of conversions so far, Truist states, also noting that the advent of AI chatbots is expanding search’s total addressable market, not cannibalizing it.
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