Google parent Alphabet nears $1 trillion value on ad-growth optimism

NEW YORK : Alphabet Inc. shares rose as much as 1.7% following a flurry of positive analyst commentary on the Google parent’s 2020 prospects.

At least three firms raised their price target on the stock, while KeyBanc Capital Markets named it one of its “key ideas” in the Internet sector this year. In particular, analysts were broadly positive that Alphabet would see strong growth in its ad business, helped in part by political ad spending.

Thursday’s gain extends a push into record territory, with the stock having risen nearly 40% from a low in June. The rally has brought Alphabet within striking distance of a $1 trillion valuation; the current market capitalization is about $980 billion.