GOOGL - Google's Rally Still Has Legs - Double-Digit Growth Ahead
2024-05-12 10:00:00 ET
Summary
- Google has exceeded expectations, with its well diversified revenue streams delivering impressive QoQ/ YoY growths and market share expansions, thanks to the embedded generative AI capabilities.
- This is on top of its opportunistic growth from both YouTube Ads and Google Cloud as the next growth driver, with a projected $100B revenue run-rate by end 2024.
- Combined with its growing profitability, rich balance sheet, and robust shareholder returns, GOOG remains a long-term Buy at all dips.
- This is on top of the reasonable valuations compared to its Magnificent Seven peers, double-digit upside potential, and leading position in the generative AI race.
We previously covered Alphabet Inc. aka Google ( GOOG , GOOGL ) in February 2024, discussing why we believed that the market had been somewhat short-sighted, with the management already discretely integrating its next-gen AI capabilities into its top-line drivers, with 2024 likely to bring forth excellent results.
Combined with the stock's depressed valuations and the market's overreaction, interested investors might dollar cost average accordingly, with it still offering a promising upside potential ahead....
Google's Rally Still Has Legs - Double-Digit Growth Ahead