Since the beginning of the year, the price of Alphabet (NASDAQ: GOOGL) shares has been moving in a consistently upward fashion, and experts are exceptionally optimistic in terms of the next 12 months, heightened by positive developments and sentiment surrounding the Google stock.
Indeed, one of the world’s largest companies by market capitalization has had a very successful year, recording a year-to-date (YTD) surge of over 48%, priding itself as one of the Magnificent Seven stocks responsible for the S&P 500’s rise in 2023 and representing a good buy for 2024.
What’s more, the company has recently revealed its latest artificial intelligence (AI) model called Gemini, claiming it outperforms the famous chatbot ChatGPT 3.5 by OpenAI (though not saying anything about GPT-4), in an announcement that preceded the most recent price increase of its stock.
Picks for you
Wall Street weighs in on Google stock
On top of that, a group of 31 Wall Street analysts is overwhelmingly bullish on the price of the Google stock for the next 12 months, rating it as a ‘strong buy’ on the basis of 25 votes, whereas only six recommended a ‘hold’ and there were no calls for a ‘sell,’ according to TipRanks information on December 13.
Furthermore, the group has provided its one-year price targets over the past three months, with an average projection standing at $153.41, indicating a possible increase of 15.76% from its current state, while the lowest target amounts to $129 (-2.66%), as opposed to the highest target forecasting $180 (+35.83%).
GOOGL stock price analysis
Meanwhile, the price of Google stock at press time stood at $132.52, which represents a decrease of 0.58% in the last 24 hours but still an advance of 1.17% across the previous seven days and a modest gain of 0.33% on its monthly chart, as per the most recent data.
Overall, the Google stock has been among the better performers in the stock market, demonstrating a positive long-term outlook, albeit more neutral in the short term, with a very recent negative evolution, trading in the middle of the last month’s rather wide range between $127.90 and $139.42.
In comparison to all other stocks, Google has done better than 87% of them this year, as well as outperforming 74% of other stocks in the interactive media and services industry. Additionally, it is trading in the upper part of its 52-week range and recording an average volume of 29.2 shares traded daily.
Buy stocks now with Interactive Brokers – the most advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
