Alphabet (NASDAQ: GOOGL) stock has been going through a rough patch this week, despite a number of positive GOOGL stock price forecasts coming from Wall Street.
The Google share price drop can be chalked up to worries that the company’s latest rally moved faster than the underlying fundamentals.
Google stock was trading at $316.74 at the time of writing, down nearly 2% on the five-day chart.
Analysts say Google still has some room to run
Still, a Wedbush report released on Tuesday, December 2, argued that the tech giant is still poised for further growth, as its Gemini large language model (LLM) is expected to serve as Apple’s (NASDAQ: AAPL) exclusive artificial intelligence (AI) partner.
In addition to Wedbush, several other investment firms have given Google a thumbs-up over the past few days.
On December 2, RBC reiterated its “Buy” rating, leaving the target unchanged at $315. On the same day, Arete Research maintained its own “Buy” recommendation but raised the target price from $300 to $380, while HSBC adjusted the price from $335 to $370 and doubled down on the “Buy” rating too.
A day earlier, December 1, Guggenheim raised its own forecast from $330 to $375, reiterating a “Buy” rating amid growing conviction in the tech giant’s AI-driven growth trajectory.
The firm noted accelerating cloud backlog growth, YouTube’s dominance, and rising adoption of the Gemini platform as core drivers behind its upgraded outlook. Further, the analyst note argued, the market is still undervaluing Google Cloud’s revenue potential by as much as $40 billion.
Moreover, Bank of America (BofA) argued on December 1 that Google’s custom AI chips could greatly benefit its partner Broadcom (NASDAQ: AVGO) as unit shipments and selling prices increase in 2026 and 2027.
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