The stock of the technology giant Alphabet (NASDAQ: GOOGL) has been on a rocky if ultimately positive road since the start of 2024 as the battle to remain on the cutting edge of the ongoing artificial intelligence (AI) boom has only heated up.
Indeed, while the Microsoft (NASDAQ: MSFT)-backed OpenAI and its flagship ChatGPT platform remain at the forefront of the zeitgeist on the software side, and the semiconductor giant Nvidia (NASDAQ: NVDA) continues to dominate the hardware arena, new competitors have entered the fray in the form of – most notably – Elon Musk’s GrokAI.
Google, however, seemingly received a major boon in the weekend leading up to Monday, March 18, as Apple (NASDAQ: AAPL) – so far a laggard in the AI race – has reportedly entered talks with GOOGL that could see the latter power iOS’ artificial intelligence features.
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Analysts rate Google stock’s 2024 prospects
In this climate of heightened competition, as big tech companies rush to the top, Google appears to remain relatively favored by Wall Street analysts.
Out of the 37 experts analyzed by the stock analysis platform TipRanks, 29 rate the giant as a “buy.”
Additionally, the fact that 8 out of the 37 remain neutral on the stock does little to diminish Alphabet’s overall “strong buy” rating.
The average 12-month price target, however, reveals that the bullishness is somewhat tempered as it would see GOOGL stock climb 9.26% to 164.59.
Generally, there is a relatively limited range in expert predictions as the highest target, assigned by Wolfe Research in late January, stands at $180 – 19.31% above the press time price – while the lowest, given by Wells Fargo, is set at $141 – a 6.54% downside.
Google stock price chart
While it remains to be seen if the possible Apple deal will have a major long-term effect on Google’s stock market performance, it has proven enough for GOOGL shares to open on Monday with a 6.81% surge to $151.85.
The market’s opening on March 18 also represents the biggest move for Alphabet’s stock in recent time frames and accounts for the bulk of the company’s 9.79% rise in the last 5 trading days.
In the long term, however, Google’s performance has mostly been strong – despite the jitters in Q1 of 2024, and the company is 8.75% in the green year-to-date and 48.90% in the last 52 weeks.
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