While Alphabet’s big tech peers are hitting new all-time highs or getting close to doing so, GOOGL stock is still sitting roughly 20% off its all-time highs of ~$150.
In this note, I shall provide an update on my 5-yr CAGR return expectations for Alphabet.
Furthermore, we will look into the potential pathway for Alphabet stock to hit new all-time highs in 2023.
Under the caveat of pursuing slow, staggered accumulation, I rate Alphabet stock a modest “Buy” at current levels.
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Introduction
In my latest report on Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), I rated the stock a “BUY” based on its Q1 earnings report, valuations, technicals, and quant factor grades. Here’s what I wrote in this bullish report:
After a sharp correction in 2022, Alphabet’s stock has rebounded by ~20% so far in 2023. As of today, Alphabet’s technical chart looks finely poised, with the stock trading at a key resistance level. In the near term, a break out above $110 could enable the stock to climb up to the $120-125 level.
