GOOGL - Is Alphabet Stock Headed to $200? 1 Wall Street Analyst Thinks So.
2024-05-03 04:43:00 ET
Recent advances in artificial intelligence (AI) have ignited a sea change in the adoption of these next-generation algorithms. Investors are being swept up in the possibilities, but in most cases, AI is used to improve existing processes, thereby increasing productivity. In other cases, AI offers an intriguing opportunity that could result in much greater profits.
Analysts at Argus Research boosted their price target for Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) stock to $200 while maintaining a buy rating on the shares. This represents potential gains for investors of 22% over the coming year, compared to Wednesday's closing price.
The analyst points to Alphabet's first-quarter financial results as evidence that the company is firing on all cylinders across its vast multisegment empire, and the analysts have a point. Alphabet's revenue growth accelerated to 15% year over year and 16% in constant currency, marking its strongest showing in three years.
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Is Alphabet Stock Headed to $200? 1 Wall Street Analyst Thinks So.