Alphabet (GOOGL) Gemini Adoption Surges, Canaccord Genuity Lifted Price Target on the Company

Alphabet Inc. (NASDAQ:GOOGL) ranks among billionaire David Tepper’s 10 favorite stocks. Following the company’s solid fourth-quarter results, Canaccord Genuity raised its price target on Alphabet Inc. (NASDAQ:GOOGL) to $415 from $390 on February 5, maintaining a Buy rating on the shares. The tech giant announced total revenue that was about 2% higher than expected, owing to continued strength in the Search and Cloud divisions.

The Gemini app also displayed considerable growth in the fourth quarter, with more than 750 million monthly active users and greater engagement. Cloud revenue outperformed forecasts, increasing by 14 percentage points quarter-over-quarter, while backlog increased by 55% to $240 billion.

Gemini Enterprise, which launched just four months ago, has already raked in more than 8 million paid seats, illustrating the strong demand for Google Cloud’s TPUs and enterprise AI products.

Alphabet Inc. (NASDAQ:GOOGL) is a leading tech giant with a diverse portfolio, including Google Ads, Google Chrome, Google Cloud, Search, and YouTube, and holds a dominant position in each of these markets.

While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.