BNP Paribas Exane Initiates Alphabet (GOOGL) at Outperform, Citing AI and Cloud Leadership

Alphabet Inc. (NASDAQ:GOOGL) is one of the Hot AI Stocks to Keep on Your Radar. On November 24, BNP Paribas Exane initiated coverage on the stock with an “Outperform” rating and a $355.00 price target. Analyst Nick Jones sees GOOGL as an AI and Cloud leader.

The analyst highlighted how Google boasts a “dominant position in Search, a leading video ad platform in YouTube, and expanding cloud computing business with Google Cloud.”

The firm noted how shares have begun to recover for Alphabet after a period of regulatory hurdles and competitive pressures.

“After a period of pressure from regulatory overhangs, increasing competition in search and advertising, and lack of clarity on its long-term AI positioning, GOOGL shares have begun to recover – and we see more room for multiple expansion as the company demonstrates its AI prowess. Initiate at O/P, $355 TP.”

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Looking ahead, the firm believes that two primary catalysts may drive Alphabet shares even higher. These are Google Advertising outperformance and stronger-than-expected cloud growth.

Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.

While we acknowledge the risk and potential of GOOGL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GOOGL and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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