Alphabet: BofA renews buy rating, TP $125

(CercleFinance.com) - On Wednesday Bank of America reiterated its buy rating on Alphabet shares, with a target price of $125 (cp: $104, -1.
5%), as Google yesterday opened up access to its Bard artificial intelligence (AI) technology to the general public.

The broker says that the search engine yesterday announced that the Bard service would now be available in the US and the UK, a decision that comes 41 days after the integration of ChatGPT features into Microsoft's Bing.

While the available data suggests that the arrival of ChatGPT has boosted Bing's audience, BofA notes that traffic to Google appears to have remained relatively stable in the interim.

Analysts believe that these figures suggest that a small number of users have tested Bing without changing their use of Google, which leads them to believe that the impact in terms of market share will remain limited over the long term.

BofA said that Alphabet's stock has made up much of the ground lost since Bard's disappointing presentation last month.


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