Hot Tech Stocks to Buy: Alphabet (GOOGL)
Last but by no means least, we have Alphabet Inc (NASDAQ:GOOGL). The search engine giant has received 28 top analyst ratings in the last three months and just two hold ratings. Analysts believe the stock has big upside potential for the next 12 months. The average analyst price target of $1,099 works out at over 18% above the current share price.
In the midst of Google’s diversity memo crisis, the stock is currently trading at just $928, down from $998 on July 24. The drop comes even though second-quarter earnings came in above expectations. However, the cost of buying traffic rose and core margins slightly declined and this also made the market wary. But for investors the drop in share price comes as a buying opportunity say top analysts:
“We continue to believe GOOGL is one of the strongest, most consistent fundamental stories in Tech. And the valuation pitch remains constructive.” sums up RBC Capital Mark Mahaney. He reiterated his buy rating on the stock on July 25 with a $1,050 price target (11.1% upside).
Which stocks are the top 25 analysts recommending right now? Find out here.
TipRanks offers investors the latest insight into eight different sectors by tracking the activity of 4,500 analysts, 5,000 financial bloggers and even 37,000 corporate insiders. As of this writing, Harriet Lefton did not hold a position in any of the aforementioned securities.