Alphabet (GOOGL) Price Target Raised to $1,800 Following Results of Consumer Behavior Survey at Morgan StanleySeptember 24, 2020
On Thursday, analysts at Morgan Stanley published a note discussing an AlphaWise survey they conducted to see what search engine was dominant when consumers surfed online to compare prices between products.
The AlphaWise data that was collected reflected the importance of Google in our everyday life as the results stated that approximately 50% of Americans use Google’s search engine first when researching products online. Additionally, even 33% of Amazon Prime members check Google first when comparing prices, according to the survey results. The results conclude that Google remains at the top of the hill when it comes to U.S e-commerce consumer behavior.
Analyst Brian Nowak was galvanized by the survey results and took action by raising the firm’s price target to $1800 (from $1760) and keeping an Overweight rating on the shares. Nowak commented that “Our AlphaWise survey showcases how Google remains top of funnel within US e-commerce consumer behavior.” He added, “we estimate retail/e-commerce makes up 25-30% of total GOOGL search revenue. These consumer searching trends combined with the strong e-commerce consumer and ad markets we expect through the ‘shelter-in holiday’.”
So, where do you go first when shopping online? Let us know in the comments below!
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