Why Alphabet Stock Was Climbing Today – Yahoo Finance
Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) were moving higher today on a bullish analyst note, and on reports that it would restructure its ad sales unit to lean more on artificial intelligence (AI).
Both of those news items helped drive the stock up 3% as of 12:35 p.m. ET.
Alphabet leans into AI
First, the Google parent got a bullish note from Raymond James yesterday after the market closed. The research firm resumed coverage on the stock with an outperform rating and a price target of $150, noting the potential for a platform transition driven by generative AI, and also said its estimates were slightly above the consensus, as it see continued momentum in YouTube.
Today’s gains seemed to be more of a direct result of the restructuring news after The Information reported the company’s plans to reorganize its 30,000-person ad sales unit. The move comes as Google plans to step up its use of AI tools like machine learning that can automate and manage the ad-buying process.
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source: https://news.oneseocompany.com/2023/12/20/why-alphabet-stock-was-climbing-today-yahoo-finance_2023122053732.html
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