Evercore Unfazed: $205 Target Reaffirmed Despite GOOG Underperformance
The selloff put shares of Google's parent down a total of 26% since an early February peak, noted the analyst, who will take the other side and be buyers of this correction. Later in the day, Google issued a statement saying: We continue to see overall query growth in Search.
That includes an increase in total queries coming from Apple's devices and platforms, notes Evercore. It is plausible that Cue's statement reflects both a very mature low-single digit percentage Search query growth rate and Apple Safari browser share losses, as tracked by statcounter, added the analyst.
A laptop and phone open to Google's services in an everyday setting.
While we acknowledge the potential of GOOG, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GOOG and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 33 Most Important AI Companies You Should Pay Attention To and 30 Best AI Stocks to Buy According to Billionaires
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