While not as frequently discussed as other big tech firms such as Nvidia (NASDAQ: NVDA) or Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL) has certainly been having a strong 2024.
Indeed, the search engine goliath has been successfully beating analysts’ forecasts in its latest five earnings reports, has managed to successfully take part in the ongoing artificial intelligence (AI) boom, and has generally been on a rather relentless rise.
GOOGL’s brilliant stock market performance is perhaps best reflected in the company’s market cap, which, after a record-setting weekly close in late April, finally crossed the $2 trillion threshold, enabling Alphabet to join the exclusive club which, at the time of publication, counts only Microsoft, Nvidia, and Apple (NASDAQ: AAPL) as its other members.
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Nonetheless, given that significant rises frequently precede major price drops, and that some recent reports indicate Alphabet may be jeopardizing its long-term search engine dominance for the sake of short-term profits, Finbold decided to examine the forecasts of some of the leading Wall Street experts and try to gauge where GOOGL might find itself in 12 months’ time.
Wall Street overwhelmingly predicts continued rise for GOOGL
Given GOOGL’s performance throughout the last 18 months, it perhaps comes as no surprise that experts are generally bullish on the stock. In fact, out of the 37 represented on the stock analysis platform TipRanks, as many as 32 consider Google shares a ‘buy’ and a further 5 are ‘neutral.’
Additionally, none of the 37 believes that selling GOOGL stock would offer good results to investors.
Overall, such a distribution of ratings ensures that Alphabet’s shares are ranked as a ‘strong buy.’
When it comes to the 12-month price target, there exists some more variation.
At the time of publication on May 30, GOOGL is overall expected to climb another 12.30% over the course of 52 weeks to a price of $197.53.
While this consensus estimate is bullish, it is worth pointing out that, should it come to fruition, Google would have significantly slowed down its rise given that in the last 12 months, it climbed 42.23% to the press time price of $175.90.
The highest price target – assigned by Susquehanna in late April – would, however, be more in line with the blue-chip’s performance in recent months as it would see the technology giant climb another 27.91% to $225.
Finally, not all forecasts for Alphabet stock are bullish. Late in April, Wells Fargo (NYSE: WFC) predicted that GOOGL would reach $168 in 12 months’ time, meaning that the banking giant expects the big tech firm to decline 4.49%.
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