The bank downgraded the tech giant to neutral from buy, albeit with a higher $132 per share price target compared to the previous $123 forecast.
UBS' new price target implies roughly 8% upside for Alphabet stock compared to its $122.34 close on Friday. Alphabet shares have gained nearly 39% this year.
mountain Alphabet stock has added nearly 40% from January. UBS analyst Lloyd Walmsley noted he finds difficulty forecasting more upside for Alphabet, noting revenue headwinds remain in the near-term from new search competition. Walmsley added he also sees "better risk/reward skew in Buy rated [Amazon] and META in our coverage." "We do not see Bing or ChatGPT as major threats given a superior product at Google.
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