Supported by Google Search and YouTube research data, Citigroup raises Alphabet's target price
Citigroup released a report on June 24, raising Alphabet's target stock price from $200 to $203 based on positive research data from Google Search and YouTube business, and reaffirming a "Buy" rating. The report noted that despite advertisers' concerns about changes in user search habits, the YouTube business remains strong, with daily viewing time exceeding 1 billion hours and daily views of YouTube Shorts surpassing 200 billion, showing significant growth
According to the Zhitong Finance APP, high-quality fundamentally strong stocks favored by hedge funds, Alphabet Inc. (GOOGL.US), have received further bullish ratings from institutions. Citigroup released a report on June 24, reaffirming its "Buy" rating for the stock based on positive channel research data regarding Google Search and YouTube, raising its target price from $200 to $203.
The report pointed out that although YouTube and Search remain central to advertisers' media placement strategies, advertisers are increasingly focusing on the evolving trends in user search habits. Data shows that in May this year, the monthly active users of ChatGPT approached 603 million, while Google's Gemini only had 77 million.
However, YouTube's performance remains strong: its daily viewing time on television exceeds 1 billion hours, accounting for 12.5% of the total viewing time in the U.S. Notably, the daily views of YouTube Shorts have surpassed 20 billion, marking a significant increase from approximately 7 billion views in September 2023, which Citigroup considers "impressive."
As a global technology giant, Alphabet has a diverse business landscape, owning core products such as Google Ads, Chrome browser, search engine, and YouTube, and holds a dominant position in their respective markets
