Tech
AI could boost Google as cost concerns dent stock price
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Key takeaways Shares of Google parent Alphabet fell Wednesday on concerns about increased spending on artificial intelligence (AI). Analysts were more bullish, with several raising their price targets based on Google's strength and signs of AI benefits. But some warned that Alphabet could still face a “challenging second half” due to tougher competitive conditions and expected slowdowns in search and YouTube.
Shares of Google parent Alphabet (GOOGL) fell on Wednesday on concerns about the company's spending on artificial intelligence (AI) despite better-than-expected profits. However, several analysts suggested concerns about costs may be overblown and raised their price targets for the company, citing Google's strength and early gains from AI.
Analysts at Citi raised their price target on the company's shares to $212 from $190, while analysts at JPMorgan raised their target to $208 from $200. Alphabet shares fell nearly 4% to $176.94 in intraday trading on Wednesday, but are still up more than 25% since the beginning of the year.
Powering Google Cloud and search with AI
The JPMorgan analysts highlighted “notable strength” in Alphabet Search, Google Cloud and the company's operating profits, adding that the company is “on the offensive with GenAI” and integrating Gemini into “nearly every” Google product.
Alphabet CEO Sundar Pichai said on the company's earnings call that the company is combating the “risk of underinvestment” by investing more in AI infrastructure.
Citi analysts are “increasingly positive” on Alphabet shares following the company's second-quarter earnings report, saying they are “encouraged by indications that AI Overview is driving improved search engagement, signaling growing traction across Google's GenAI tools.”
The second half was even tougher
Analysts at Jefferies raised their estimates but maintained their $220 price target, noting that Alphabet's advertising business will struggle in the second half of the year and that slowdowns in search and YouTube are expected to mean the company could “continue to face challenges ahead.”
“Despite challenging comparables, we expect Google to post an upturn in the second half of the year on continued strength in its core search business, potential further acceleration in its Google Cloud AI business, and further margin surprises,” the analysts said.
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