Alphabet’s Google stock (NASDAQ: GOOG) snapped its downward streak on Monday, rising nearly 5% and surging by 16.59 points. The search giant is now at the $351 level and rose from a monthly low of $344. While most of the analysts predict that GOOG could see further downturns, Mark Mahaney, the five-star analyst from Evercore ISI, says the leading AI giant will go upward hereon. Taking an entry position even at the $350+ level will still be profitable, according to the analyst.
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Google Stock Price Target From Evercore ISI
Evercore ISI, the global premier independent investment banking firm, in a note to clients led by analyst Mark Mahaney, wrote that Google stock could kick-start a rally hereon and climb above the $400 level. The analyst urged traders to begin taking entry positions in GOOG, as the equity could begin its upward tick. Investors are expected to make double-digit gains, as the leading stock surges in value.
Evercore ISI has given Google stock a price target of $420. That’s an uptick and return on investment of approximately 20% from its current price of $351. Also, traders can expect a profit of $69 per share if they take an entry position at this level. An investment of $1,000 could turn into $1,200 if the price prediction from Mahaney turns out to be accurate. That’s decent returns, as not every asset can generate 20% gains in the market.
Google stock has been at the receiving end for a month due to its price decline. The equity faced a barrage of sell-offs and profit booking after it reached a yearly high of $408. Since then, GOOG has only been heading south with little to no price spurts. The search giant could reverse course and head north, as the dust is settling. The expert suggests that GOOG could bottom out in value next.