Evercore Reiterates Outperform on Alphabet (GOOGL), Calls It a Top Pick

Core Viewpoint - Alphabet Inc. is recognized as a significant AI stock to monitor, with Evercore ISI reiterating an "Outperform" rating and increasing the price target from $240 to $300, indicating strong confidence in the stock's performance [1][2]. Company Performance - Despite a decline in Google's share as the primary search engine, its dominance in commercial-intent search areas like shopping and travel remains largely unaffected, resulting in minimal revenue growth impact [2]. - The updated price target reflects a valuation of 24 times the projected earnings per share (EPS) of $12.75 for 2027, which is 5% above the consensus estimates from analysts [2]. Market Context - The competitive landscape is evolving, with ChatGPT gaining traction, which may impact Google's market share in general search queries [1]. - There is a recognition that while Alphabet Inc. has potential, other AI stocks may present greater upside potential with less downside risk [3].