CWEB analysts previously reported that Alphabet (GOOGL) stock would increase in value up to $200. Our analysts believe that Google and other divisions of parent Alphabet will continue to grow. Recent decisions by parent Alphabet, including the offer of a dividend, buying back of company shares, new features including Gemini AI, which are expected to be unveiled tomorrow on I/O, and the launch of Pixel 8a, are some of the reasons why CWEB analysts believe Alphabet stock is poised to grow exponentially.
Alphabet reported excellent first-quarter results. Its earnings per share, at $1.89, were much higher than analysts’ estimates of $1.51 per share. The tech giant also announced its first quarterly dividend, which is expected to be 20 cents per share. The tech giant is also buying back $70 billion of its stock.
Many companies buy back stock when they think the market is not offering the correct value for their shares. The Oracle of Omaha, Warren Buffet, is known to buy back Berkshire Hathaway shares worth billions of dollars.
Google will hold its I/O developers conference on Tuesday, May 14, 2024, with the keynote starting at 10 a.m. PT. The much-anticipated annual event will showcase the developments achieved by all divisions of Alphabet, including innovative hardware and software. These new developments will also strengthen the stock of parent Alphabet.
Google has also intensified its focus on its generative AI Gemini. Many analysts, including those from CWEB, believe that the Mountain View conference will concentrate on Google’s advances in Gemini.
Google is also expected to release Android 15 Beta 2, and developers and web fans might learn more about incorporating Gemini into the company’s operating system.
Earlier in May, Google launched its smartphone Pixel 8a. The software and hardware feature-filled smartphone is reasonably priced at an entry-level of $499, and Alphabet sees brisk sales nationwide.
All these positive developments at Google and other divisions make CWEB analysts believe that Alphabet stock is a BUY.
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