KeyBanc, a leading financial services and investment firm, has recently raised its price target for Google’s parent company, Alphabet (GOOGL), to $215. This reaffirms their previous “overweight” rating on the stock, indicating a positive outlook for investors.
The decision to raise the price target comes after Alphabet’s strong performance in the first quarter of 2021, with revenues of $55.3 billion exceeding analysts’ expectations. This was primarily driven by the company’s advertising business, which saw a 32% increase in revenue compared to the same period last year.
With a current price of around $2,400, KeyBanc’s increased price target suggests a potential upside of over 8% for Alphabet’s stock. This is a promising sign for retail investors looking to add this tech giant to their portfolio.
In addition to its strong financial performance, Alphabet has also been making strategic moves to diversify its revenue streams. This includes its cloud computing business and investments in emerging technologies such as self-driving cars and artificial intelligence. These initiatives could provide further growth opportunities for the company in the long run.
Overall, KeyBanc’s bullish stance on Alphabet reflects confidence in the company’s ability to continue its upward trajectory. With a solid financial track record and a diversified business strategy, Alphabet remains a strong investment option for those looking to capitalize on the tech sector. Keep an eye on this stock as it continues to show promising potential for investors.