Google's Valuation Still Compelling Despite Strong YTD Run - Expectations of Multiple Normalizations Ahead, Says Analyst
Portfolio Pulse from Anusuya Lahiri
Piper Sandler analyst Thomas Champion maintains Alphabet (NASDAQ:GOOGL) Google with an Overweight, raising the price target from $128 to $140. Despite a strong YTD run (+35%), Google still trades at a ~15%+ discount on NTM earnings vs the '17-'19 period. The analyst expects multiple normalizations as the narrative that Google is losing in AI search dissipates. B of A Securities analyst Justin Post reiterates Alphabet with a Buy and a $128 price target.
July 05, 2023 | 4:48 pm
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POSITIVE IMPACT
Alphabet's stock price may increase in the short term due to the raised price target and positive outlook from Piper Sandler and B of A Securities analysts.
The raised price target and positive outlook from analysts indicate a bullish sentiment towards Alphabet's stock. This could lead to increased buying pressure, potentially driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100