Wall Street analysts suggest that Google search and its cloud business could fuel an Alphabet (GOOGL) stock rally. Alphabet had its target price boosted by research analysts at Morgan Stanley from $210.00 to $270.00 in a research note issued to investors on Thursday. The firm currently has an “overweight” rating on Alphabet, and the forecast hike suggests a potential upside of 9.96%.
September proved to be a bullish month for Alphabet (GOOGL). After its DOJ case win that confirmed it wouldn’t need to sell Chrome, Alphabet has been on the rise, climbing 15% in 30 days. Further, Alphabet officially joined the $3 trillion market capitalization club last month, sending shares higher. Although there are concerns of another EU fine/lawsuit pending against Google and its Chrome browser, there are plenty more bullish flags making GOOGL a top stock amongst the magnificent-seven grouping.
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Outside of Morgan Stanley, several other analysts have also issued bullish research reports about Alphabet (GOOGL). Pivotal Research lifted its price target on Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Out of 73 analysts surveyed by CNN, 82% rate GOOGL as a buy, while 0% are opting to sell. Jefferies raised the firm’s price target on Alphabet (GOOGL) to $285 from $230 and keeps a Buy rating on the shares.
At press time, the stock is trading near the top of its 52-week range and above its 200-day simple moving average.