Yesterday morning, Axiom Capital upped its price target to $1,000 from $900 and reiterated its "buy" rating on the stock.
Alphabet's Google search unit should benefit from increased spending within the search engine market (SEM) in the fourth quarter, the firm said, Barron's reported.
Additionally, YouTube viewing time soared by 60% year-over-year and the platform has 15 times more users than rival Netflix (NFLX), which should benefit parent company Alphabet.
Alphabet has had a sideways month so far, consolidating nice gains from October and November. We like to see a stock move sideways after a nice run higher and on lower turnover. This tells us institutions are not selling the stock.
As Alphabet bases at a high level, it seems imminent that the next move will be higher. The moving average convergence divergence (MACD) is about to cross and produce another buy signal. The last one, in early October, produced a six-week run of 15%. Relative strength has improved, as has volume -- up days with very good turnover.
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Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate ALPHABET INC as a Buy with a ratings score of B+. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.
You can view the full analysis from the report here: GOOGL