Google is 'going on the offensive:' What analysts are saying after latest Alphabet earnings

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Most think Alphabet has plenty of room to go, but some questioned how much the stock can consistently grow against such a large spending backdrop.

Analysts and investors are breathing a slight sigh of relief after Alphabet's latest quarterly release, as the results eased concern around the company's progress on artificial intelligence and the state of tech following a broad-sector sell-off. The Google parent reported first-quarter earnings that beat earnings and revenue expectations. The search engine giant also announced its first-ever dividend and a $70 billion buyback, sending shares 10% higher on Friday to an all-time high.

mountain Google stock this year. JPMorgan analyst Doug Anmuth reiterated his overweight rating and hiked his price target by $35 to $200, saying he is "incrementally positive" on the tech giant's ability to drive strong topline growth and achieve gains from its efforts to re-engineer its cost structure. He anticipates Alphabet will increase its spending to around $50 billion this year to support its AI ambitions, like its tech peers.

 

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Spectacular Q1 earnings report from Google leads Alphabet to pay a dividend for the first timeAlan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 15 Pro Max, he has seen smartphones evolve into a global phenomenon.
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