MoffettNathanson raised the firm’s price target on Alphabet (GOOGL) to $295 from $230 and keeps a Buy rating on the shares. Since the start of July, a major overhang has largely lifted with Judge Mehta’s favorable rulings three weeks ago, while the ChatGPT overhang is “steadily dissipating,” the analyst tells investors. The firm lays out four ways in which it believes AI will “separate Alphabet from peers”: the company’s “clear leadership” in multimodal search; accelerating cloud growth from advanced infrastructure; 3. improving monetization and engagement at YouTube; and Other Bets beginning to “pay off” with the emergence of Waymo.
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