Alphabet's GOOG stock surges with strong performance, potential growth from cloud computing
From InvestorPlace: 2024-07-19 07:18:13
1. Alphabet’s GOOG stock has surged after a year of strong performance, but concerns arise as shares pull back from all-time highs. Efforts in efficiency and AI may be priced in, but the cloud computing catalyst could drive further growth, potentially leading to better price performance in the future.
2. Alphabet’s earnings hit a new high in 2023 due to efficiency efforts and digital ad demand. Layoffs have impacted profitability, but the stock is up 46% since last July. AI search catalysts and the potential of the Google Cloud may already be reflected in GOOG’s valuation.
3. Google Cloud’s revenue and operating income are on the rise, offering a potential growth runway for Alphabet. With a possible acquisition of cybersecurity startup Wiz on the horizon, future earnings estimates could see GOOG hitting nearly $8 per share by 2025 and more than $10 per share by 2026, driving further share price growth.
Read more at InvestorPlace: Alphabet’s Cloud Surge: Could GOOG Stock Soar to $300 per Share?