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Investing.com - Wolfe Research has reiterated an Outperform rating on Alphabet (NASDAQ:GOOGL) stock with a price target of $220.00. The tech giant, currently trading near its 52-week high of $256, has delivered impressive returns with a 58% gain over the past six months.
The research firm maintained its positive outlook on the Google parent company despite removing it from its list of top near-term picks.
Wolfe Research cited recent outperformance as the reason for removing Alphabet from its top near-term recommendations.
The $220 price target suggests potential upside for the technology giant, which operates Google Search, YouTube, Google Cloud, and other digital services.
Alphabet remains rated as Outperform by Wolfe Research, indicating the firm still expects the stock to perform better than the market average over time.
In other recent news, Alphabet has reported several significant developments. The company is expanding its AI capabilities, with Google AI Mode now available in Spanish globally, as noted by Citizens JMP, which reiterated its Market Outperform rating on Alphabet stock. Additionally, Alphabet’s Google is expected to face a second fine under the European Union’s Digital Markets Act, related to charges of favoring its own vertical search engines over competitors. In a strategic move, Google is set to acquire a stake in Cipher Mining as part of a 10-year AI hosting agreement, obtaining warrants for approximately 24 million shares. The agreement also involves Google supporting $1.4 billion of Fluidstack’s lease obligations. Furthermore, TeraWulf Inc. plans a $3 billion data center expansion with Google support, potentially involving high-yield bond or leveraged loan markets. Alphabet’s Waymo has also launched "Waymo for Business," a program offering robotaxi services to corporate clients in five U.S. cities, targeting recurring corporate travel needs. These developments indicate Alphabet’s ongoing strategic initiatives and regulatory challenges.
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