Evercore Raises Alphabet (GOOGL) Price Target, Keeps Outperform Rating

Alphabet Inc. (NASDAQ:GOOGL) is one of the 10 Unrivaled Stocks of the Next 3 Years. On September 8, Evercore ISI increased its price target for Alphabet Inc. (NASDAQ:GOOGL) from $240 to $300 and kept an Outperform rating.

This decision to raise the price target came after Evercore’s sixth quarterly proprietary search survey, which showed that Alphabet Inc.’s (NASDAQ:GOOGL) Google still keeps its dominant position in commercial-intent search, even though general search competition is growing.

Evercore’s research suggests that Google’s advances in generative AI are leading to “an overall better Search Engine for users.” The firm expects this improvement to lead to “consistently robust Search Revenue growth” for Alphabet Inc. (NASDAQ:GOOGL).

Channel checks have also shown that the quality of search leads for marketers is improving. This supports Evercore’s expectation that Google Search revenue will grow by a double-digit percentage.

Evercore sees Alphabet Inc. (NASDAQ:GOOGL) as a “Top Large Cap Long” investment. The firm sees multiple growth catalysts. These include YouTube revenue acceleration, Google Cloud revenue stabilization above 30%, and expansion of Waymo’s robotaxi.

Alphabet Inc. (NASDAQ:GOOGL) is a global technology company and the parent company of Google. The company’s products include Search, Ads, Chrome, Cloud, YouTube, and Android.

While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.