Shares of Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) saw a slight gain in today’s trading after CEO Sundar Pichai proclaimed, “We are fully in our Gemini era,” at the Google I/O 2024 Conference in Mountain View. The tech company revealed its new AI-powered tools just a day after Microsoft-backed OpenAI (NASDAQ:MSFT) launched GPT-4o, its most powerful model yet.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Google demonstrated Gemini 1.5 Pro’s new capabilities and emphasized its advanced features, such as reasoning, planning, and memory. It also highlighted its ability to anticipate user needs through multi-step thinking and multimodal interactions.
Liz Reid, head of Google Search, explained that the upgraded Gemini AI will be able to handle complex queries that generate comprehensive plans, such as week-long meal preps or detailed travel itineraries. Google plans to roll out this tool to over a billion users by the end of the year.
What Is the Target Price of GOOGL Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 31 Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 46% rally in its share price over the past year, the average GOOGL price target of $195.03 per share implies 14.49% upside potential.
