Goldman Sachs Gives Alphabet (GOOGL) Stock Buy Rating, Google Partners with Saudi Aramco
Dec 24 2020 · 13:21 UTC by Steve Muchoki · 3 min read
Photo: Shutterstock
You have successfully joined our subscriber list.
Alphabet through Google Cloud has identified a huge gap in the Saudi Arabia cloud infrastructure and intends to fill it despite the impending competition.
As 2020 financial books come to a close and welcome a new year, Alphabet Inc (NASDAQ: GOOGL) has been working on delivering a better financial year despite the ongoing coronavirus pandemic. Google, one of its major subsidiaries, has announced that it will partner with Saudi Aramco to provide cloud services in the region.
Denis Charlet/AFP via Getty Images
Multi-front legal battles shouldnât crimp growth for Alphabet and Facebook in the next year, as the shares could rise another double-digits from where they currently trade, according to Goldman Sachs.
Analyst Heath Terry gave both stocks a Buy rating late Tuesday as he resumed coverage of the companies. He set a price target for Google parent Alphabet (ticker: GOOGL) at $2,250, which is 30% higher than its current price. Goldman has a $330 price target on Facebook (FB), which is 22% above its current trading price.
Big tech companies have been market winners this year, pushing the tech-heavy Nasdaq Composite 43% higher, nearly three times as much as the
Precor workout equipment. Victor J. Blue/Bloomberg
Peloton Interactive shares are soaring on a deal to beef up the firm’s U.S. manufacturing. Wall Street analysts are raising their price targets.
Peloton (ticker: PTON) said Monday that it has a deal with Amer Sports to acquire workout equipment provider Precor for $420 million. It’s expected to close in early 2021. Precor would help Peloton cut through a backlog of orders and speed up delivery times.
Peloton stock was up 12%, at $162.35, in recent trading, while the
S&P 500 index was flat. Demand and delivery wait times for Peloton’s equipment have soared with gyms closed. Analysts noted Peloton’s start-up costs $1,895 for the base bike that requires a $39-a-month subscription to use its main features help make its customers sticky.
Author Bio
Daniel W. Vena, CPA, CGMA is a long-term investor searching for intangibles that provide explosive growth opportunities in his investments. He served on active duty with the US Army and has a Bachelor s degree in accounting.
Follow @dannyvena
Yesterday, connected-fitness company
Peloton Interactive (NASDAQ:PTON) agreed to acquire rival fitness company Precor in a $420 million deal. In a press release, Peloton said it would see numerous benefits from the deal, including a U.S. manufacturing presence and an increase in research and development (R&D) capabilities, while accelerating the company s move into the commercial fitness market.
Wall Street analysts raced to adjust their price target models in the wake of the deal, boosting Peloton s stock more than 13% in the process.