1 Analyst Thinks Alphabet Stock Could Jump 20% on AI Chip Demand. Is He Right?
Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) has been a standout success in the artificial intelligence (AI) market. The company’s Google Cloud sales are soaring as companies tap Google’s AI services, a trend that recently boosted the stock.
And Doug Anmuth, an analyst at J.P. Morgan, thinks there’s plenty more room for the stock to run. Anmuth recently raised his price target for Alphabet stock to $425 — about 23% upside from its current price.
His optimism hinges on Alphabet’s ability to accelerate its cloud revenue by selling its custom AI processors to other companies. And he’s probably right to be bullish.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.