Google-parent Alphabet Inc's (NASDAQ:GOOGL) strategic position and tech-first corporate culture drive upside to the stock valuation, according to Needham.
The Alphabet Analyst: Analyst Laura Martin maintained a Buy rating, while raising the price target from $178 to $210.
The Alphabet Thesis: The latest labor productivity trends indicate that the company's execution is improving, Martin said in the note.
Check out other analyst stock ratings.
The analyst mentioned four reasons for potential upside to the stock valuation:
- Google Search was among the top three beneficiaries of the internet tech wave
- The company's Android was one of the two biggest beneficiaries of the mobile tech wave
- Google Cloud was among the top three beneficiaries of the Cloud tech wave
- Alphabet's Gemini is poised to be one of the top four biggest winners of the GenAI tech wave
She further wrote, "What other company at a 17x P/E, has the assets AND a tech-first corp culture with this track record across all four major tech waves of the past 30 years?"
GOOGL Price Action: Shares of Alphabet had risen by 1.06% to $183.94 at the time of publication on Wednesday.
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