Though Google (NASDAQ: GOOGL) stock suffered a significant correction in the last month and erased approximately $230 billion from Alphabet’s market capitalization, Wall Street has remained largely bullish regarding the blue-chip company’s future.
The latest signs of persistent optimism came on the final two days of June when two prominent analysts provided revised ratings and 12-month price targets for GOOGL.
Morgan Stanley’s (NYSE: MS) Brian Nowak was the first when he rated Google stock as a ‘Buy’ while lifting his forecast from $375 to $415.
According to the Wall Street expert, GOOGL’s latest downturn paired with the bullish expectations for data center capacity construction and TPU sales by 2028 ensured that investors have ‘a tactical buying opportunity for one of the best positioned AI companies around.’
On June 30, Bank of America (NYSE: BAC) analyst Justin Post chipped in by reiterating his Google stock ‘Buy’ recommendation and the $430 price target for the next 12 months for a 20.32% predicted rally from $357.37 at the latest closing bell.
Analysts predict Google stock price in the next 12 months
Zooming out reveals that the notes issued by Nowak and Post represent a continuation of the overall Wall Street attitude toward Alphabet.
Specifically, Google shares are considered a ‘Strong Buy’ by prominent analysts and are, on average, expected to rally 19.96% to $428.71 in the coming 52 weeks, per the data Finbold retrieved from TipRanks on July 1.
Additionally, ‘Buy’ recommendations dominated June ratings despite Alphabet’s stock market troubles through the month. Indeed, out of the twelve notable target revisions, only two – UBS’ Stephen Ju and Bernstein’s Chad Dillard – estimated GOOGL shares are a ‘Hold,’ and none positioned the equity as a ‘Sell.’
Furthermore, despite being ‘Neutral’ about the stock, both Wall Street analysts predicted Google stock would rally. According to Ju, GOOGL will climb 14.73% to $410 in the next 12 months, and, per Dillard’s forecast, the shares will rise 9.13% to $390 within the same timeframe.
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