Alphabet Stock Price Drops Amid Market Volatility
Alphabet Inc.'s (NASDAQ:GOOGL) stock price has declined by 1.2% during mid-day trading on Thursday, reaching a low of $338.57 and closing at $340.67.
The total shares traded were 18,476,232, which is a decrease of 42% from the average session volume of 31,858,035 shares.
Analyst Rosenblatt has reaffirmed its 'Buy' rating for Alphabet with a price target of $410, citing the company's potential to recover from recent market-cap decline.
The analyst also highlighted the growing importance of Alphabet's AI infrastructure strategy, including its partnership with Marvell that covers custom silicon connected to Google's TPU ecosystem.
Additionally, Waymo has opened its lower-cost next-generation robotaxi to all riders in Los Angeles, Phoenix, and San Francisco, which could improve the long-term commercial outlook for Alphabet's autonomous-vehicle unit.