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Investing.com - Scotiabank (TSX:BNS) raised its price target on Alphabet (NASDAQ:GOOG) stock to $240.00 from $200.00 on Tuesday, while maintaining a Sector Outperform rating. According to InvestingPro data, 12 analysts have recently revised their earnings estimates upward, with analyst targets ranging from $185 to $237.
The Canadian bank cited improved trends since pre-first quarter concerns, noting that third-party data showed acceleration with the second quarter finishing in-line or ahead of expectations, while third quarter trends appear stable.
Scotiabank highlighted that YouTube became the most-watched video provider on televisions in the United States earlier this year, with its lead continuing to grow.
The firm noted that Alphabet stock has risen as search has improved and the artificial intelligence narrative has accelerated, with the company showing less vulnerability to negative news about OpenAI than in the past.
Scotiabank expects stronger search trends, favorable foreign exchange conditions, and cost controls to drive a second-quarter earnings beat, while also anticipating growth in paid clicks alongside improved monetization.
In other recent news, Google (NASDAQ:GOOGL) has introduced advanced AI capabilities to its Search platform with the rollout of Gemini 2.5 Pro, enhancing its AI Mode and Deep Search features for specific subscribers. Additionally, Google’s DeepMind division celebrated a significant achievement as its Gemini Deep Think AI system earned a gold medal at the 2025 International Mathematical Olympiad by solving five out of six problems perfectly. On the security front, Google’s AI agent, Big Sleep, successfully detected and thwarted a cybersecurity exploit, marking a first in AI-driven vulnerability prevention, according to CEO Sundar Pichai.
In partnership news, Google has teamed up with Rivian Automotive (NASDAQ:RIVN) to integrate Google Maps into Rivian’s navigation system, enhancing the user experience with Google’s Maps Auto SDK technology. Analyst firm Raymond (NSE:RYMD) James has reiterated its Outperform rating for Alphabet, citing momentum in AI and Google Cloud Platform as key factors. The firm expressed optimism about the company’s strategic position, particularly in relation to Azure migrations and AWS Bedrock constraints. These developments highlight Google’s ongoing advancements in AI technology and strategic partnerships.
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