Loop Capital Upgrades Alphabet to Buy on AI and Search Strength
Alphabet Inc. shares extended gains after Loop Capital analyst Rob Sanderson upgraded the stock to Buy, citing accelerating momentum in AI adoption and search revenue growth. The new $320 price target reflects a 12% upside from current levels.
Google's Core search business grew 15% last quarter - its strongest performance since the pandemic rebound. Concerns about AI chatbots displacing traditional search have proven premature, with new features like AI Overviews actually driving higher engagement.
The upgrade follows Berkshire Hathaway's disclosure of a $4.3 billion position, adding institutional credibility to the bullish thesis. Sanderson, ranked among TipRanks' top 3% of analysts, noted Google's Gemini AI assistant now reaches over 650 million users.