Evercore Unfazed: $205 Target Reaffirmed Despite GOOG Underperformance

Evercore ISI recently reiterated an Outperform rating and $205 price target on Alphabet Inc. (NASDAQ:GOOG) shares. Alphabet is a technology company that owns and runs the internet search engine Google. In an investor note, the analyst noted that Alphabet shares had traded down following reports that Apple Senior VP of Services Eddy Cue testified that Search volumes in Apple’s Safari browser fell for the first time in April and that Apple was actively exploring adding AI Search capabilities to its browser, potentially adding partners like Perplexity and Anthropic.

The selloff put shares of Google’s parent down a total of 26% since an early February peak, noted the analyst, who will take the other side and be buyers of this correction. Later in the day, Google issued a statement saying: We continue to see overall query growth in Search.

That includes an increase in total queries coming from Apple’s devices and platforms, notes Evercore. It is plausible that Cue’s statement reflects both a very mature low-single digit percentage Search query growth rate and Apple Safari browser share losses, as tracked by statcounter, added the analyst.

A laptop and phone open to Google’s services in an everyday setting.

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