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After attending an event hosted by Alphabet Inc. (NASDAQ:GOOG), investment bank BMO Capital reported that the return on ad spend (ROAS) of the tech giant's customers had improved.
BMO kept a $200 price target and an Outperform rating on the shares.
Marketers are now generating $6 for every $1 that they invest in GOOG's search ads, BMO Capital noted.
According to the investment bank, the tech giant's utilization of AI is generating increased ROAS for its clients.
As Alphabet Inc. (NASDAQ:GOOG) utilizes AI in more countries, its ROAS metric is likely to improve further, BMO Capital believes.
AI is spurring new types of searches, enabling marketers to reach their target audience more easily, BMO Capital stated.
Further, AI has also improved YouTube's ROAs, the investment bank wrote.
While we acknowledge the potential of GOOG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GOOG and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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