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Analysts revise Google stock price target

Analysts revise Google stock price target
Elmaz Sabovic

In the wake of the artificial intelligence revolution, Alphabet (NASDAQ: GOOG) was one of the first to recognize its importance and utility across different platforms and devices while aiming to take a leadership role in generative AI.

However, the competition is already fierce, with multiple tech giants pushing into the new domain of AI, aiming to develop custom-tailored technologies, such as OpenAI and xAI, as the most notable examples.

But Google thinks it has an edge in this battle that will make it victorious.

Diversification as an answer to Apple and OpenAI

Gemini is Google’s answer to OpenAI’s ChatGPT, a large-language model AI chatbot that debuted in November, 2022, and is considered a key player in launching the artificial intelligence revolution.

Analysts revisited Gemini following Apple’s 2024 Worldwide Developers Conference on June 10. At this annual event, Apple (NASDAQ: AAPL) introduced ‘Apple Intelligence,’ its initiative into AI. 

Additionally, Apple revealed a partnership with OpenAI to incorporate ChatGPT into Siri, enhancing their digital assistant.

The main point is that Apple Intelligence will only be compatible with a few newer models, creating an opportunity for Google.

Apple’s announcement about extending support to other large language models (LLMs) suggests that Gemini could be integrated into iOS to manage certain AI functions or more specialized tasks.

Analysts like Google prospects in the AI industry

As the opportunity seemingly arose for Google to provide services to one of the largest mobile phone producers, analysts quickly recognized the importance of this possibility.

Bank of America analysts remain optimistic about the growth of Gemini’s integration within the Google ecosystem. They believe that broader AI implementation could lead to increased search usage and more opportunities for additional ad spending on the platform. BofA has maintained a ‘buy’ rating on GOOG stock with a price target of $200.

Morgan Stanley analyst Brian Nowak stated that Apple’s use cases don’t threaten broad-based internet search, emphasizing Alphabet’s need to create and launch more of its products. Apple’s plan to support more AI models could allow for the integration of Google’s Gemini.

Nowak expressed increased confidence in Alphabet’s leadership in generative AI following the start of Apple’s WWDC. He also noted that upcoming Android generative AI features appear superior to those on iOS. Nowak maintained an ‘overweight’ rating on Alphabet shares with a $195 price target.

Evercore ISI analyst Mark Mahaney increased the firm’s price target for Alphabet from $220 to $225 and maintained an outperform rating on the shares. This decision followed a survey of 1,000 U.S. consumers about their adoption and usage of generative AI search, conducted before Apple’s WWDC event.

With the key opportunity arising for Google (now known as Alphabet), the question remains how much will the Silicone Valley giant be able to capitalize on it, as results are sure to show on GOOG stock.

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