Wedbush Reiterates Buy Rating on Alphabet Class A with $200 Price Target

Wedbush analyst Scott Devitt reiterated a Buy rating on Alphabet Class A (GOOGL) with a price target of $200. Devitt, who has an average return of 12.5% and a 51.52% success rate on recommended stocks, has a focus on Consumer Cyclical stocks such as Amazon and eBay. GOOGL market cap is $2214.6B with a P/E ratio of 20.30.

Alphabet Class A (GOOGL) continues to attract positive analyst sentiment despite ongoing regulatory challenges. Wedbush analyst Scott Devitt reiterated a Buy rating on GOOGL, setting a price target of $200. Devitt, known for his focus on Consumer Cyclical stocks like Amazon and eBay, has an average return of 12.5% and a 51.52% success rate on recommended stocks [2].

According to MarketBeat, the consensus rating for GOOGL is "Moderate Buy," based on 43 Wall Street analysts who have issued ratings in the last 12 months. Of these, 10 have given a hold rating, 33 have given a buy rating, and 4 have given a strong buy rating. The average price target for GOOGL is $210.59, representing a forecasted upside of 36.45% from the current price of $154.33 [1].

Despite the positive analyst sentiment, Alphabet faces significant regulatory hurdles. The Department of Justice (DOJ) is suing Alphabet, alleging that Google has engaged in anticompetitive practices by inking deals with Apple and other companies for prime placement of its search engine. This regulatory headwind could impact Alphabet's operations and potentially affect its stock performance [2].

However, investors remain optimistic about Alphabet's future growth and innovation in AI and cloud technologies. The company's strong balance sheet, with around $96 billion in cash and marketable securities, provides a financial cushion to navigate regulatory hurdles and invest in growth opportunities [2].

References:
[1] https://www.marketbeat.com/stocks/NASDAQ/GOOGL/forecast/
[2] https://www.ainvest.com/news/alphabet-class-ai-innovations-stock-prospects-2507-51/