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Google parent Alphabet rallies to breach US$2 trillion market value for first time

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Alphabet is the top performer among the five biggest U.S. tech stocks this year with a more than 70 per cent advance

The share-price advance puts the company in an exclusive club alongside Apple Inc. and Microsoft Corp., the latter of which also reached the US$2 trillion milestone this year. The Google parent hit US$1 trillion in value for the first time in January 2020.

Alphabet is the best-performing stock this year among the five biggest U.S. technology companies by sales, and bulls see the stock rising further because of its cheaper valuation and higher growth rate than most of its megacap peers. Alphabet is a near-unanimous favourite on Wall Street. Of the 49 analysts tracked by Bloomberg who cover the stock, all but one recommend buying Alphabet shares. The average 12-month price target for the stock is US$3,321, which suggests a 11 per cent return from its current share price.Article content

 

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