JPMorgan raised the firm’s price target on Alphabet to $160 from $150 and keeps an Overweight rating on the shares. The analyst calls Alphabet a new top pick in internet based on improving advertising growth, bigger margin gains, and Gemini “tightening” the gen artificial intelligence gap. While still early, Gemini Ultra represents significant innovation and should start to close the generative AI gap as it rolls out in early 2024, the analyst tells investors in a research note.
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