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Trends & Analysis
News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

News

US big banks report better-than-expected earnings

News

Crude oil declines on profit taking

Asset Watch

Could Alphabet hit $170?

Thursday, January 11, 2024

While seasonality signals caution over the next few weeks, the long-term outlook for one of the S&P 500’s heavyweights looks quite prosperous. BMO Capital Markets analyst Brian Pitz initiated coverage on Alphabet on Jan. 9, telling clients that AI adoption and digital advertising tailwinds could push the stock to $170 in 2024. He wrote:
“We forecast the global digital advertising market will grow from ~$500 million in 2022 to $668 million in 2024, when ~69% of all advertising dollars will be transacted digitally. These estimates could prove conservative given our expectation for robust digital ad spending around major events like the U.S. presidential election and Paris 2024 Summer Olympics.”
With Alphabet a leading digital advertising platform, the boost could be a boon for its 2024 revenue, but a major technical test is approaching.

The stock faces resistance near its October and December 2023 highs, and the $141 to $143 range needs to clear to confirm a breakout. However, Alphabet’s uptrend continues to narrow as rising support collides with constant resistance. As a result, the Big Tech behemoth will have to decide soon whether the bulls or bears will win this short-term battle.

If a breakdown occurs, the stock could find support in the $127 to $128 range, as the area coincides with the June 2023 highs and the September and December 2023 lows.

So, should we expect a breakout en route to $170, or will a correction plague Alphabet first?


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