
Guggenheim cuts PT on Google-parent Alphabet GOOGL.O to $190 from $215
Cites softening brand advertising environment
"Our most recent advertiser checks indicate slower brand ad demand in March with the trend likely to continue into Q2, while performance advertising has been more resilient with search performing best," says brokerage
Adds, uncertainty regarding risk to Google search share and the economics of AI-powered search results might limit investor enthusiasm and multiple expansion
New PT is ~15% upside to stock's last close
Forty-five of 57 brokerages rate stock "buy" or higher, and 12 "hold"; median PT is $220 - data compiled by LSEG
GOOGL shares down ~13% YTD, as of last close; they rose ~36% in 2024