Alphabet Inc. (NASDAQ: GOOGL ) (NASDAQ: GOOG ) stock fell more than 1% Wednesday as investors weighed upbeat AI growth expectations against a softer broader market and rising spending requirements.
BNP Paribas Sees Alphabet Benefiting From AI Demand
The Communication Services sector slipped 0.5%, while the S&P 500 edged down 0.1%, adding pressure to Alphabet shares.
BNP Paribas analyst Nick Jones reiterated an Outperform rating and a $420 price target, saying Alphabet remains well-positioned to benefit from AI-driven growth across advertising and Google Cloud.
Jones also highlighted the company’s elevated investment needs. Alphabet reiterated plans for a significant increase in fiscal 2027 capital spending, while depreciation could remain uneven as additional data-center capacity comes online.
Trending Get a 1% Match on Your First Deposit of $1,000+Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $429.15 (high: $515.00; low: $350.00) across 50 analysts. Recent analyst moves include:
Rosenblatt: Buy (Forecast $410.00) (Aug. 20) UBS: Neutral (Lowers Forecast to $379.00) (July 23) Morgan Stanley: Overweight (Lowers Forecast to $400.00) (July 23)Top ETF Exposure
Franklin Focused Dynamic Growth ETF (NASDAQ: FFOG ): 9.22% Weight CastleArk Large Growth ETF (NYSE: CARK ): 9.91% Weight Horizon Expedition Plus ETF (NYSE: HBTA ): 9.32% WeightSignificance: Because GOOGL carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
Price Action
GOOGL Stock Price Activity: Alphabet shares were down 1.44% at $341.95 at the time of publication on Wednesday, according to Benzinga Pro data .
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