Amid the declining value of Google’s Alphabet stock (NASDAQ: GOOG), global banking giant Wells Fargo stepped in with a ‘buy’ rating and bigger price target. The buy call has brought in fresh enthusiasm among the investor community after experiencing a relentless decline.

GOOG plunged to the $280 level on Thursday’s closing bell, shedding more than 3% in value. GOOG is now at its yearly low, and just when traders thought it had entered the bearish territory, Wells Fargo’s assessment of Google’s Alphabet stock provided a new outlook.

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Wells Fargo’s Latest Price Target for Google’s Alphabet Stock

Wells Fargo predicts Google’s Alphabet stock could rise 40% from its current value of $280. The global investment bank has given a price target of $387 for GOOG in its most bullish projection. The investment bank is confident that GOOG will reclaim the $300 range and soar further in the charts.

GOOG is currently navigating a heavy tech industry scrutiny where companies are put in the spotlight for their AI spending. The search titan is spending between $175 billion and $185 billion to build its AI infrastructure and is betting big on the next-gen technology. When Wells Fargo’s prediction on Google’s Alphabet came out, the equity was trading at $280 to $285.

If Wells Fargo’s price prediction on Google’s Alphabet stock turns out to be accurate, an investment of $1,000 could turn into $1,400. That’s staggering returns, as not every asset can generate double-digit returns, let alone 40% gains. This makes GOOG a must-watch stock and the best equity to accumulate during the lows.

The banking giant also reiterated that Google’s Alphabet stock could bottom out at the current levels. Buying GOOG at its lowest price point and holding on for the long term will be beneficial. The reward will outperform the risk after the stock market begins to stabilize when the Middle East conflict ends.