Global investment bank TD Cowen has reiterated its buy rating for Alphabet’s Google stock and increased its price target. In a note sent on Tuesday, Senior Equity Research Analyst John Blackledge raised the target from $450 to $475. The firm suggests accumulating shares between $350 and $360 could yield significant profits if the stock reaches the new target.
Investment banking firm TD Cowen has reaffirmed its buy rating for Alphabet‘s Google stock. Senior Equity Research Analyst John Blackledge increased the price target for GOOG to $475 in a client note. This makes it one of the more bullish forecasts on Wall Street for the search giant.
The previous target was $450, representing a $25 increase by the firm. According to the analyst’s note, investors could see profits close to 31 percent. An investment of $1,000 could thus grow to over $1,300 if the prediction proves accurate.
Blackledge stated that accumulating the search giant at the $360 to $350 level could deliver extended profits when the equity hits the new price target. This strategy of buying on dips could prove beneficial as bulls aim to push the stock above $400 again. Other analysts, including Bank of America Securities’ Justin Post, have also issued positive forecasts.
Post predicted GOOG could reach a high of $430. Wall Street maintains a bullish stance on Alphabet despite a recent price retracement this month. The stock saw a slight recovery on Tuesday, closing up 0.31 percent at $362.
This ended a downward trend that began in May after the stock hit a yearly high of $408. The dip followed the fading buzz from a robust earnings call, leading to sell-offs and profit-taking. Market observers generally view this correction as healthy, suggesting a potential consolidation before a move upward.
