Wedbush's Dan Ives Bullish On Alphabet, Raises Target Price: 'Perceived Structural Risks To Google Search Are Overstated'
Portfolio Pulse from Rounak Jain
Wedbush analysts Dan Ives and Scott Devitt have raised their target price for Alphabet Inc. (GOOG/GOOGL) from $160 to $175, adding it to their Best Ideas List with an 'outperform' rating. They believe the risks AI poses to Google Search are overstated and see Alphabet as a beneficiary of generative AI. Despite trailing behind peers like Amazon (AMZN) and Microsoft (MSFT), optimism surrounds Alphabet's potential, especially with rumors of a deal with Apple (AAPL) to integrate Gemini in iPhone updates.
March 22, 2024 | 2:26 pm
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NEUTRAL IMPACT
Despite trailing behind Amazon, Alphabet's new target price and AI focus could indirectly impact Amazon's competitive positioning.
While the news directly pertains to Alphabet, its renewed focus on AI and the raised target price could indirectly affect Amazon by altering competitive dynamics in the tech sector, especially in areas where both companies compete.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Alphabet's AI advancements and potential Apple deal could impact Microsoft's competitive edge in the tech sector.
Alphabet's focus on generative AI and a potential partnership with Apple could pose a challenge to Microsoft, especially in areas of overlapping interest like AI and cloud services. The impact on Microsoft's stock will depend on market perceptions and competitive responses.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Rumors of a deal between Alphabet and Apple to integrate Gemini in iPhone updates could impact Apple's stock.
The potential integration of Alphabet's Gemini in iPhone updates, as part of a deal with Apple, could enhance Apple's product offering and ecosystem, potentially boosting its stock. However, the impact depends on the deal's finalization and market reception.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Wedbush raises Alphabet's target price to $175, citing generative AI benefits and potential Apple deal.
The upgrade by Wedbush, based on Alphabet's positioning in AI and a potential deal with Apple, suggests a positive outlook for Alphabet's stock. The emphasis on Alphabet overcoming perceived AI risks and the potential integration with Apple's iPhone could drive investor sentiment and stock performance positively in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Wedbush raises Alphabet's target price to $175, citing generative AI benefits and potential Apple deal.
The upgrade by Wedbush, based on Alphabet's positioning in AI and a potential deal with Apple, suggests a positive outlook for Alphabet's stock. The emphasis on Alphabet overcoming perceived AI risks and the potential integration with Apple's iPhone could drive investor sentiment and stock performance positively in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100