Bank of America Securities managing director and senior tech analyst Justin Post reiterated his buy rating on Alphabet’s Google stock (NASDAQ: GOOG) on Monday (June 8). He has predicted a double-digit upside for the leading search giant, and an entry position now at the $360 mark is still a buying opportunity for traders who can hold on to the equity until it reaches the mentioned target.

Google stock’s new price target from Bank of America Securities is $430.

GOOG opened Tuesday’s trading session at $361 and could rise by another 19% to reach the $430 target. Therefore, an investment of $1,000 in Google stock could turn into $1,190 if the price prediction turns out to be accurate. That’s double-digit profits that could make an investor’s portfolio swell by holding the tech giant’s equity. Buying the dip on GOOG would be a better trading strategy to make the most out of the equity.

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3 Reasons Why Google Stock Would Reach $430, According to Bank of America Securities

The Bank of America Securities analyst gave three core reasons for the $430 price target for Google stock. They include:

1. The skyrocketing search volume in AI traffic is doubling every quarter.
2. Google’s advanced AI features and integrations crossing the 1 billion user milestone.
3. The unmatched global distribution channels in AI and full-stack platforms.

All of these developments would push Google stock higher in the charts, according to Justin Post. Therefore, taking an entry position even at the $360 level would be beneficial to traders. Apart from Bank of America Securities, only investment bank Needham has gone a step further in the GOOG price target, placing it at a high of $450. Institutions are mostly bullish on the search giant for its dominant role in building the AI ecosystem. AI stocks are basking in the sun with both retail and institutional clients making a beeline to accumulate them.

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