Several market analysts are bullish on Alphabet Inc (GOOGL) stock heading into Q3 2024 results, with most suggesting GOOGL is flashing buy signals. The asset is one of the strongest-performing assets in the US tech industry, competing with rivals Meta. Alphabet’s revenue versus earnings has performed well over the past calendar year and is expected to continue once Q4 earnings are announced.
After hitting an all-time high in early July, Google stock swooned through the remainder of Q3. As investments in AI technology continue to soar, GOOGL is expected to be slightly hindered by the development.
As per recent reports, Alphabet has emerged as one of the most lucrative blue-chip stocks to invest in. Dubbed an “underrated gem of a stock,” its robust performance has been accredited to the company’s recent growth in the sector of Google Cloud segment. The modification deployed by Google in the sectors of AI (Bard) and cloud computing capabilities has placed GOOGL on a noteworthy pedestal in the US stock market scenario.
Also Read: GOOGL vs. META: Which AI & Big Data Stock Will Have a Better October
On the other hand the 2024 Quality-Growth Conference last week, Stephen Yiu of Blue Whale Capital explained that generative AI will significantly change Alphabet’s business model, which could interrupt gains. Yiu shares a negative view of GOOGL due to signs of a market share decline from Google Search. Furthermore, Alphabet’s AI model, Gemini, has failed to exceed performance expectations since its latest update. Some experts may see this as a “buy the dip” opportunity for shares. However, Those instances require intense research on a product’s potential upside before making rash decisions.
Alphabet GOOGL Price Prediction: Should You Buy In Now?
According to TipRanks, Alphabet Inc. is expected to surge to $201 share value in the next 12 months. The portal adds how the value of Alphabet Inc. stock can spike a maximum of $240 in a new forecast and may hit a low of $170 in unprecedented cases.
Alphabet stock has turned in good and bad years recently. Shares jumped 65% in 2021 but in 2022 dropped 39%. Despite mounting competition in AI and internet search, Alphabet advanced 58% in 2023. The company is hoping to ride the current AI wave into positive earnings and developments over the coming months. The next earnings report will be a crucial indicator of how deep into the buy zone GOOGL goes. Currently, Yahoo analysts have lowered in number of strong buy predictors. However, the stock remains in a buy zone, with a few hold suggestions.
