META - Google's Cloud Business Expected To Keep Lifting Shares Higher

2024-06-07 07:40:50 ET

Summary

• Google parent Alphabet's shares have jumped 21.6% since February, outperforming the S&P 500.
• The company's cloud business, Google Cloud, is experiencing strong growth and improved profitability.
• With the global cloud computing market expected to reach $1.44 trillion by 2029, Alphabet has significant growth potential.

One of the best calls that I have made over the last several months has been Google ( GOOG ) ( GOOGL ). Since I last wrote a bullish article on the company in February of this year, shares have jumped 21.6%. That dwarfs the 4% increase seen by the S&P 500 over the same window of time. And since I originally rated it a 'buy' in June 2023, shares have skyrocketed by 45.2%. That's more than double the 22.1% rise seen by the broader market. Normally, you wouldn't expect this kind of upside from a large company. However, the market has consistently underestimated the business and the trajectory that it is on....

For further details see: