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After rallying by more than +38% this year, there are signs of cracks in the bullishness toward Alphabet (GOOGL). Among the 55 analysts that cover Alphabet tracked by Bloomberg, the stock has 47 buy ratings, the lowest in at least three years. While that still shows more bullishness for a company than many other stocks in the Nasdaq 100 Stock Index ($IUXX) (QQQ), it’s well below the unanimous approval the stock had a year ago.
Some investors are growing cautious toward Alphabet on concerns about the potential impact of an economic slowdown on advertising sales. Federated Hermes said, “Tech is going to be sensitive to corporate profits,” and that conditions are becoming more difficult in areas including consumer spending and company investment in growth.
