Stocks
Citizens Sticks to Market Outperform on Alphabet Stock Amid AI Chip Frenzy
Citizens has reaffirmed its Market Outperform rating on Alphabet's stock, sticking to a price target of $515.00 despite the tech giant's remarkable 63% return over the past year.
Alphabet's market cap stands at an impressive $4.22 trillion, with the company's PEG ratio of 0.15 indicating strong value relative to its growth prospects.
The firm has also taken note of Anthropic's abandoned acquisition attempt of Matx, an AI-chip company founded by former Google TPU engineers, as well as OpenAI's Jalapeño chip announcement, which Citizens believes marks the beginning of vertical integration for frontier labs.