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.
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