BMO Capital Picks Google as Top Internet Sector Choice for 2024

BMO Capital's Brian Pitz initiated their coverage on Google (NASDAQ: GOOGL) with a Buy rating and a $170 price target. According to Pitz, Google is one of BMO Capital's best picks in the Internet sector for 2024. Pitz highlighted that Google has been integrating machine learning into its core products since 2000, giving the company a "leading position in AI in the U.S. and globally." Additionally, Pitz mentioned that YouTube Ads, with its 2.5 billion users, "remain under-monetized."

The current analyst consensus on Google is overwhelmingly positive, with 88.2% of top-rated analysts rating GOOGL as a Strong Buy or Buy. Only 11.8% of analysts see it as a Hold, and no analysts recommend or strongly recommend selling the stock. This consensus reflects the overall optimism surrounding Google's prospects in the market.

Looking ahead, analysts forecast that Google will deliver earnings per share (EPS) of $6.36 in the upcoming year. If these predictions hold true, it would represent a 21.2% increase in yearly EPS on a year-over-year basis. This growth projection further supports the positive outlook on Google's future performance.

In terms of stock performance, GOOGL has been on an upward trajectory. Since its last quarterly report on September 30, 2023, the stock price has increased by 7.7%. In a year-over-year comparison, GOOGL is up by an impressive 60.1%. These numbers indicate that Google has outpaced the broader S&P 500, which has seen a 22.2% increase during the same period.

It is worth noting that BMO Capital analyst Brian Pitz is ranked in the bottom 41% out of 4,444 Wall Street analysts by WallStreetZen. Pitz has an average return of 0% and a win rate of 0%. However, it is important to consider that individual rankings may not necessarily reflect the accuracy of their analysis, as market conditions and factors beyond an analyst's control can influence outcomes.

Alphabet Inc., the parent company of Google, offers a range of products and platforms globally. The Google Services segment includes popular products such as ads, Android, Chrome, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. The company is also involved in the sale of apps and in-app purchases, digital content in the Google Play store, and the provision of non-advertising services on YouTube. Google Cloud, another segment, offers infrastructure, platform, and other services, while the Other Bets segment focuses on health technology and internet services.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.