Alphabet’s Google stock (NASDAQ: GOOG) has fallen below the $350 level on Tuesday and is attracting bearish sentiment. After reaching a yearly high of $408 on the heels of the earnings call, the search giant has experienced a rapid decline in value. While it briefly surged from $334 to $364 this month, it is seeing a pullback in value, and investors are skeptical of taking an entry position into the AI giant.
On the heels of the ongoing downturn and price stagnation, global investment banks Citi and UBS provided a new price prediction for Google stock. The Wall Street firms are mostly bullish on GOOG when the broader market is bearish on its prospects. The price prediction highlights the contrast in how investment firms think compared to retail investors. In this article, we will reveal the price predictions provided by Citi and UBS for GOOG’s prospects.
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Citi and UBS Price Prediction For Google Stock
Citi’s stock analyst Ronald Josey is the most bullish on GOOG, providing a bigger estimate for the search giant. The analyst reiterated his buy rating for Google stock with a new price target of $447. That’s close to a profit of $97 per share if the estimates reach the mentioned target. It is also a return on investment (ROI) of approximately 28% from its current price of $350. An investment of $1,000 could turn into $1,280 if the price projections turn out to be accurate.
UBS stock analyst Stephen Ju has reiterated his hold rating for Google stock. He reduced his price target for GOOG from the previous $410 to $400. He cut $10 from his estimates, but is confident that it could touch the $400 level. That would be a profit of $50 per share, according to his analysis. The estimates indicate that Google stock could rise nearly 14% and turn an investment of $1,000 into $1,140. Both Citi and UBS analysts predict that GOOG will surge double digits next.