Important Research raised Google (NASDAQ: GOOGLE) stock price from $420 to a Street-high $470 on Wednesday, April 29, and maintained the “Buy” rating.
The promotion follows strongly first quarter reportin which research revenue grew 19% year over year, exceeding the 15% that the company had predicted. Cloud growth was particularly impressive, rising 63% for the fourth quarter in a row, above Pivotal’s 48%.
Other sectors also contributed. For example, subscriptions and subscriptions increased 19% during the quarter, which led Pivotal to raise its forecasts for search and cloud revenue.
In addition, Pivotal analysts also increased their spending outlook, adding $10 billion to their 2026 guidance tied to the Intersect acquisition and increasing spending in 2027 and beyond.
Google stock is currently up 5.73% in pre-market trading, sitting at $370. Based on the last closing price of $349.94, the new price of $470 means an upside of 34%.
Is Google stock a buy?
The figures show revenue of $109.9 billion in the previous quarter, up 22% year-on-year, while total revenue reached $95 billion, up 24%. Operating income came in at $40 billion with a margin of 42%, and ahead of expectations. As mentioned, the cloud division was very positive, with revenue up 63% to $20 billion.
Following the results, several companies revised their views on Google shares. Notably, Goldman Sachs raised its price target from $400 to $450, citing new strength in search growth, while KeyBanc raised its target from $380 to $425 on the strength of the cloud.
At the same time, RBC Capital moved the target from $ 400 to $ 425, maintaining a “Buy” rating, while DA Davidson set a new target of $ 375, indicating that the investment will continue. Meanwhile, William Blair reiterated his ‘Outperform’ rating, noting increasing investor confidence in Alphabet’s investment management and long-term artificial intelligence (AI) strategy.
As of press time, Google shares are, on average, in the ‘Strong Buy’ category, according to Wall Street analysis. to follow and integrated with the market research platform TipRanks.
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