Add as a preferred source on GoogleBank of America Analyst Sets $380 Target for Alphabet Shares
Justin Post assigned the shares a buy rating on Oct. 30. GOOG was in the $278 range, below the target.
Bank of America Securities analyst Justin Post put a $380 target on Alphabet shares, a bullish view following a one-session decline that took the stock from $322 to $282.
Post assigned the shares a buy rating on Oct. 30 and called the Oct. 29 decline a “massive overreaction.” GOOG was in the $278 range, below the target.
The selloff followed Alphabet’s Oct. 28 third-quarter earnings release. During the earnings call, Alphabet executives said the company was having trouble monetizing AI mode search results.
Post pointed to investor concerns that AI Overviews could reduce traditional search traffic and click-through rates. He argued that Google had navigated earlier technology shifts and expected Alphabet to monetize AI traffic in the coming quarters.