Alphabet (GOOGL, GOOG) shares jumped more than 2% Monday, leading the “Magnificent Seven” Big Tech stocks higher as analysts reiterated their bullish takes on the stock ahead of the Google parent company's quarterly earnings results Wednesday.
Needham analyst Laura Martin wrote in a note last week, raising her price target on the stock to $210 from $178, that “GOOGL's Gemini should be one of the 2-4 biggest winners of the GenAI tech wave.”
Raising his own price target to $210 from $200, Bank of America's Justin Post wrote on July 18 that advertisers' spending with Google Search grew despite growing fears that AI chatbots could displace the tech giant's search engine.
“Our channel checks suggested Google ad spend growth was stable in 2Q, with monthly ad spending growth improving through 2Q. We think improving spend as 2Q progressed would be a positive given fears on growing AI competition.”
Meta (META) rose 1.3%, while Apple (AAPL) climbed 1.1%. Amazon (AMZN) gained nearly 1%, while Nvidia (NVDA) and Microsoft (MSFT) fell fractionally.
Meanwhile, Tesla (TSLA), which also reports quarterly earnings Wednesday, fell nearly 0.3%.
