Recent Slump Makes Alphabet A Buy

Investing.com - Alphabet (NASDAQ:GOOGL) may have a four-figure stock price, but after a two-month slump, it is a buy opportunity.That's the view of Stifel, which raised its rating on Alphabet from hold to buy, while increasing its stock-price target from $1,150 to $1,234 a share.The Wall Street firm sees strength in Google's core products as well as potential in new businesses.Stifel says such core products as mobile search and YouTube have "high utility and durability" with consumersMeanwhile, Alphabet's initiatives into cloud computing and artificial intelligence can be "multi-year growth levers."Alphabet's first-quarter earnings were better than expected, despite a surge in spending on new investments.Shares are down about 15% from their late January peak.