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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