- Oppenheimer analyst Jason Helfstein had an Outperform rating on Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google with a $145 price target.
- On Wednesday, Alphabet hosted its annual developer conference Google I/O, focusing on how the company is integrating AI into its products.
- The buoyant stock price movement from the event’s start reflects that the presentation largely suppressed near-term investor angst over the lack of AI innovation vs. Microsoft Corp (NASDAQ:MSFT) and OpenAI.
- While some of its GenAI capabilities resembled ChatGPT, Google showcased integration into Search while keeping blue links relevant.
- The company also showcased integrations with Gmail, Photos, Docs, Cloud & Maps.
- The analyst remains confident of Google Search volume remaining uninterrupted by ChatGPT. Additionally, reports that Microsoft is eyeing a Firefox search deal as the Bing chatbot has failed to make a mark against Google further added to the analyst’s bullish thesis on Google.
- Price Action: GOOG shares traded higher by 4.75% at $117.61 on the last check Thursday.
Tesla, Netflix, Alphabet, Meta, Nordstrom: Why These 5 Stocks Are Drawing Investors’ Attention Today
Major Wall Street indices closed in the red on Thursday after U.S. unemployment data showed the labor market continues to remain resilient, a factor considered to be crucial in driving the Federal Reserve’s future policies.
