Here's Why Alphabet Stock Popped Today
Google owner 's (NASDAQ: GOOG) (NASDAQ: GOOGL) stock rose by 3.6% by 3 p.m. today. The move comes as Wall Street is getting excited about the company's upcoming third-quarter earnings, due Wednesday after the closing bell.
The market listens when Wall Street companies raise price targets on stocks, particularly when it's coming from an analyst at a heavyweight like JPMorgan Chase. As such, the analyst's reiteration of a "buy" recommendation and a price target hike to $300 from a previous target of $260 helped lift the stock today.
In addition, the reasoning behind the new price target will please investors. Not only does the analyst see the recent result from a search antitrust case raised by the Department of Justice as removing a risk overhang (Alphabet will not have to sell Chrome, and may continue to pay to preload products, such as being the default search engine on Apple products), but the analyst also sees Google leveraging its strength in artificial intelligence (AI) to improve YouTube advertising revenue and Google Cloud growth.
Source Fool.com
Alphabet Inc. A Stock
With 146 Buy predictions and 4 Sell predictions Alphabet Inc. A is one of the favorites of our community.
With a target price of 306 € there is a slightly positive potential of 13.9% for Alphabet Inc. A compared to the current price of 268.65 €.
