Shares of Google’s parent company Alphabet opened at $299.02 on Tuesday, remaining near the $300 level as geopolitical conflict impacts broader markets. However, two major banks have boosted their price targets, citing confidence in the company’s artificial intelligence and cloud computing growth. Goldman Sachs and Scotiabank both raised their targets for Alphabet stock to $400, an increase from a previous forecast of $375.
Alphabet stock opened Tuesday’s trading session at $299.02. The equity has been rangebound near $300, with the conflict in the Middle East and rising oil prices cited as factors stunting its growth.
Two leading global banks have nevertheless upgraded their price predictions. They are bullish on the company’s AI and cloud growth, which could pivot its price when conflict de-escalates.
Goldman Sachs set a new price target of $400, upgraded from $375. The investment bank noted that Google Cloud’s backlog reached approximately $240 billion, indicating long-term enterprise commitments.
Scotiabank also provided a new price target of $400. The bank highlighted Alphabet‘s “top-line beat” in revenue and wrote about the firm blending Search and online advertising through AI integration.
Alphabet is positioning itself as a leader in the AI segment. This positioning is seen as a key driver for future growth by the financial institutions.
