JPMorgan analyst raises Alphabet stock price target to $200, citing strong growth and AI investments.

From Nasdaq: 2024-04-29 17:45:00

Alphabet’s stock (NASDAQ: GOOG, NASDAQ: GOOGL) surged after strong Q1 earnings, with revenue and earnings growth in Search, YouTube, and Cloud. A $0.20 dividend and $70 billion buyback plan were announced. JPMorgan raised its price target to $200, citing Alphabet’s AI investments and potential for shareholder returns.

Alphabet’s focus on AI led to a 57% increase in net income, reaching over $23 billion. With a diversified strategy for monetizing AI and strong growth in ad, cloud, and subscription revenues, analysts believe Alphabet remains a good investment. Even after a stock price increase, the forward P/E ratio of 23.5 suggests a fair valuation.

The Motley Fool Stock Advisor team recommends 10 stocks for investment, with Alphabet not making the cut. Stock Advisor provides guidance on portfolio building and offers two new stock picks monthly, outperforming the S&P 500 since 2002. Suzanne Frey, an Alphabet executive, is on The Motley Fool board, with JPMorgan Chase as an advertising partner.



Read more at Nasdaq: 1 Wall Street Analyst Thinks Alphabet Stock Is Going to $200. Is It a Buy?