https://www.thestreet.com/technology/analyst-unveils-google-stock-price-target-after-apple-rumors
While Google is a search engine Goliath, the performance of the stock of its parent, Alphabet, has trailed that of its large-cap technology peers because of concern that artificial intelligence will reshape the search market.
According to Similarweb, over the past six months, the market shares of ChatGPT and Microsoft search and AI chatbot have inched up 0.32% to 0.14% to 1.84% and 1.44%, respectively.
Meanwhile, Google’s market share outside China has remained at nearly 92%.
Last quarter, Alphabet's $86.3 billion of revenue outpaced Wall Street estimates by more than $1 billion, while its $1.64 a share of earnings beat forecasts by 4 cents.
Alphabet's (GOOG) year-over-year revenue growth over the past four quarters is 3%, 7%, 11%, and 13% and its earnings-per-share growth has changed by -11%, 17%, 42%, and 42%.
Importantly, revenue at Google's Search & Other business segment increased 12.7% year-over-year to $48 billion and YouTube ads jumped 15.6% to $9.2 billion.
Over the past five years, Alphabet's shares have boasted an average price-to-earnings multiple of 22. Currently, it's about 19.
Wedbush upped its stock price target to $175 from $160, adding Alphabet to its "best ideas list."
