Stocks Analysis by MarketBeat.com (Sam Quirke) covering: Alphabet Inc Class A, Truist Financial Corp, Alphabet Inc Class C. Read MarketBeat.com (Sam Quirke)'s latest article on Investing.com
Analysts have been raising their price targets ahead of earnings next week.is building as we head into the year's final weeks. The tech giant, boasting a $2 trillion market cap, has had a somewhat bumpy ride this year. It had been enjoying a 130% rally from October 2022 into the start of this past July before giving up 20% by September. But in recent weeks, Alphabet has been climbing back up, and the bull camp has been getting louder, setting the stage for more gains before Christmas.
Moreover, the broader market is contributing to a risk-on environment. The S&P 500 is hitting fresh all-time highs, and with the Federal Reserve likely to cut interest rates soon, tech stocks like Alphabet are poised to benefit. Investors are flocking back to growth names, seeking companies with the potential for significant gains—and Alphabet fits that bill.Some of the more bearish concerns are worth noting, especially those around the ongoing antitrust investigations by the U.S.
The stock's Relative Strength Index , which measures the speed and change of price movements, is sitting at a reasonably neutral 53. A reading between 30 and 70 typically signals healthy price action without being overbought or oversold, and so, at 53, Alphabet has a ton of room to continue rallying from here. Don't be surprised if it's sitting at fresh all-time highs, well above $200, by the time markets close for the holidays.
Truist Financial Corp Alphabet Inc Class C
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