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Amazon.com, Inc. (AMZN) - free report >>
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Alphabet (GOOGL) Shares Hit $1,000, Joining Amazon
On Monday, tech giant Alphabet Inc. (GOOGL - Free Report) finally did it: shares of Google’s parent company have soared past $1,000, doing so about a week after Amazon (AMZN - Free Report) reached the same milestone. As of 10:59 AM EST, GOOGL stock is up 0.72%, or $7.19, to $1,003.44 a share.
The company may have Pacific Crest to thank for the final nudge, as the firm urged investors buy Alphabet instead of Apple (AAPL - Free Report) , one of its biggest rivals in the tech industry. In a note, analyst Andy Hargreaves downgraded Apple’s shares to sector weight from overweight, and suggested Alphabet instead.
"We recommend large-cap tech investors use proceeds from sales of Apple to purchase GOOGL (Overweight, PT $1,100), which we believe retains an excellent risk/reward profile and more substantial upside potential than AAPL," Hargreaves said.
Nevertheless, Alphabet has been on a roll this year, and the stock is up over 25% year-to-date. With a market cap of roughly $680 billion, in addition to revenue drivers like its Google search engine, Android, and YouTube, it’s no surprise that Alphabet finally made it to the $1,000-per-share mark (also read: Should You Buy Alphabet Stock?)
Currently, GOOGL is a #2 (Buy) on the Zacks Rank, with a VGM score of ‘B.’
On the most recent episode of the Zacks Friday Finish Line, hosts Ryan McQueeney and Maddy Johnson touched on Amazon’s ability to reach $1,000 per share, what Alphabet could do to get there, and debated on what could send both stocks to $2,000.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider: Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon, electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think. See This Stock for Free >>