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Piper cuts Alphabet target on ‘real risk’ to Search revenue from AI
The Fly

Piper cuts Alphabet target on ‘real risk’ to Search revenue from AI

Piper Sandler analyst Thomas Champion lowered the firm’s price target on Alphabet (GOOGL) to $117 from $120 and keeps an Overweight rating on the shares. The analyst says artificial intelligence is a "real risk" to Google Search revenues. The firm estimates $15B of sales will be "at risk" by 2025, or 7% of Google’s total. Google historically has been a leader in AI "but so far appears flat-footed" versus Microsoft (MSFT), the analyst tells investors in a research note. However, Piper believes this issue is already reflected in Alphabet’s valuation multiple.

Published first on TheFly

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