Shares of Alphabet (GOOGL) - Get Report were downgraded to underperform from neutral by the analysts at Wedbush, who also assigned a price target of $700. The move comes just one day after analysts at J.P. Morgan raised the price target for Alphabet, along with the rest of the FANG stocks -- Facebook (FB) - Get Report , Amazon (AMZN) - Get Report and Netflix (NFLX) - Get Report .
There doesn't seem to be anything particular about the downgrade, just that perhaps the company has lost a little bit of its edge, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
But Cramer disagrees with the analyst's view of the AAP holding. Given that Alphabet has such impressive growth and trades at a market-multiple valuation, it's still an attractive stock, he said.
It would seem more people are simply going to Amazon and looking for products on that platform rather than going to Alphabet's Google first. Maybe that's why the stock has a lower valuation. Still, Cramer disagrees and isn't selling.
At the time of publication, Cramer's Action Alerts PLUS had a position in GOOGL and FB.