Alphabet (GOOGL) poised for 30% rally by Christmas, analysts bullish on growth potential

From Nasdaq: 2024-10-17 07:45:00

Alphabet Inc (NASDAQ: GOOGL) is poised for a year-end rally as it climbs back up from a 20% dip in September. Analysts are bullish on the tech giant’s growth potential, especially in AI and cloud services. With price targets soaring and a risk-on market, Alphabet’s resilience outweighs legal risks.

Analysts at Truist Financial, Needham, Goldman Sachs, and Scotiabank rate Alphabet a Buy, expecting a strong Q3 report. Truist names Alphabet a top pick for 2024 with a price target of $220, signaling a potential 30% upside. Bullish momentum in the market and strong growth story drive optimism for the tech giant.

Alphabet CEO Sundar Pichai remains confident amidst legal risks, focusing on innovation and long-term success. Earnings momentum, with analysts raising price targets, and positive technical indicators support Alphabet’s outlook. The stock’s RSI points to healthy price action, leaving room for the potential to reach fresh all-time highs above $200 by year-end.



Read more at Nasdaq:: Why Alphabet Could Rally 30% Before Christmas