- GOOG +1.62%
Alphabet Inc. (NASDAQ:GOOGL) is one of the Hot AI Stocks to Keep on Your Radar. On November 24, BNP Paribas Exane initiated coverage on the stock with an “Outperform” rating and a $355.00 price target. Analyst Nick Jones sees GOOGL as an AI and Cloud leader.
The analyst highlighted how Google boasts a “dominant position in Search, a leading video ad platform in YouTube, and expanding cloud computing business with Google Cloud.”
The firm noted how shares have begun to recover for Alphabet after a period of regulatory hurdles and competitive pressures.
“After a period of pressure from regulatory overhangs, increasing competition in search and advertising, and lack of clarity on its long-term AI positioning, GOOGL shares have begun to recover – and we see more room for multiple expansion as the company demonstrates its AI prowess. Initiate at O/P, $355 TP.”
Photo by Firmbee.com on Unsplash
Looking ahead, the firm believes that two primary catalysts may drive Alphabet shares even higher. These are Google Advertising outperformance and stronger-than-expected cloud growth.
Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.
While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 10 AI Stocks in Focus on Wall Street and 10 Hot AI Stocks to Keep on Your Radar
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