#3 - Alphabet (NASDAQ:GOOGL)
The last of the FAANG stocks to look at is Alphabet (NASDAQ:GOOGL), the parent company of Google. The argument for Alphabet is similar to that for Facebook. Although ad revenue is down in light of reduced business spending, demand is expected to return.
In the meantime, Alphabet is partnering with Apple (AAPL) to incorporate contact-tracing technology in each company’s mobile operating systems. The two companies power nearly every mobile device in the world. The idea behind the project is to use application programming interfaces (APIs) to help inform public health officials. It may feel a little invasive, but it’s been proven to work at flattening the curve in other countries, most notably Singapore.
The tools would be built into smartphones and use existing Bluetooth technology that tracks if phones have passed within a certain distance of one another. Users would have to choose to participate. But if they do, and they test positive for the virus, the tools will be able to search location data to determine if they passed close enough for long enough to risk a potential exposure within the 14-day incubation window. Anyone determined to be at risk (assuming they opted in) would receive a notification on their individual device.
The two companies plan to release the first version of the software in May.
About Alphabet
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
Read More - Current Price
- $169.26
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 31 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $190.60 (12.6% Upside)
