Rosenblatt Initiates Buy Rating on Alphabet Amid AI Boom

Rosenblatt has initiated coverage on Alphabet Inc. (Alphabet) with a buy rating and set a price target of $410, indicating upside potential from its current price of $344.72.

The firm's assessment comes as the company is being compensated for its role in AI infrastructure, according to Rosenblatt, which believes cloud will sustain momentum and support multiple expansion as operating profit scales ahead of current expectations.

Rosenblatt assumes coverage from another analyst and cites Alphabet's position as a leading hyperscaler in the artificial intelligence cycle.