Alphabet: boosted by recent AI announcements

(CercleFinance.com) - Alphabet shares closed up over 4% in New York on Thursday, benefiting from favourable analysts' comments on its latest advances in artificial intelligence.


Many professionals are now welcoming the announcements made by the group at its developer conference, known as "Google I/O".

Our impression is that the I/O presentation helped to allay fears about products related to online search, costs, but also monetisation, Bank of America underlined.

We feel that AI will greatly improve search functionality, which could lead to increased interest in its tools in this area as Google is well positioned in mobile, BofA added, which has a buy rating on the stock.

At Mizuho Securities, they point out that all the new features linked to the integration of AI, particularly in office tools, should appear this year.

This broker is "comfortable" with Alphabet's long-term positioning in this area and maintained its buy rating on the stock with a target price of $135.

Jefferies, also a buy with a target of $130, said the message was "much more coherent" than the disappointing announcements made in Paris this winter.


Copyright (c) 2023 CercleFinance.com. All rights reserved.