After Q1 Earnings, Wall Street Thinks Google Stock Can Still Gain 50%

Despite the overall macroeconomic uncertainty caused by global trade tensions, companies that provide artificial intelligence (AI) and cloud services continue to grow rapidly. Alphabet (GOOGL), Google’s parent company, reported strong quarterly results that revealed financial strength and a clear path to leadership in AI, cloud services, and digital content. 

Following the strong first-quarter results, GOOGL stock began to recover. However, the stock is still down 15.7% year to date, while the Nasdaq Composite Index ($NASX) has fallen 8.1%. This could be a great time to buy this “Strong Buy”-rated AI stock on a dip.