(Bloomberg) Google’s parent company Alphabet Inc. was the top gainer among US big five tech firms this year with its 70% advance taking the total market cap above $2 trillion.
Google’s earnings in the year reflect strengths in its cloud business and spending on digital ads.
Alphabet’s share price gains mean it joins the $2 trillion market cap club occupied by Apple Inc. and Microsoft.
Kim Forrest, founder and CIO at Bokeh Capital Partners, says Alphabet’s rise shows the prospects of its growth. The stock is expected to rise further due to more prospects and cheaper valuation relative to peers.
Alphabet trades about 24 times forward earnings, cheaper than rivals Amazon Inc. and Microsoft, although more expensive than Facebook’s parent Meta. The stock has a buy rating on Wall Street’s 48 out of 49 analysts, with a 12-month price target of $3,321.
GOOGL: NASDAQ is down -0.081% on premarket.
