New Street Research has provided a ‘strong buy’ rating for Alphabet’s Google stock (NASDAQ: GOOG). The firm is a premier independent equity analytical company and is much different from investment banks like Goldman Sachs and Wells Fargo. They do not undertake investment banking but operates on a pure subscription model basis to institutional investors, including hedge funds and asset managers.

Even the ones who manage top money rely on their deep, unfiltered technical analysis to move funds. Therefore, their Alphabet’s Google stock price prediction can be taken seriously, as they are not investment banks, which have been accused several times of manufacturing a price target just to pump up their investment holdings. New Street Research analyst Daniel Salmon has given Google stock a new price target of $455.

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Google Stock Receives Strong Buy Rating From New Street Research

Alphabet’s Google stock opened Thursday’s trading session at $353, after it fell nearly 2.5% on Wednesday, shedding close to 9 points. The search giant is facing heavy selling pressure, and the broader AI and semiconductor sell-off has stunted its growth. Semiconductor stocks like Micron, Marvell, and AMD, among others, have been sliding in the charts this week.

On the heels of the price correction, New Street Research analyst Daniel Salmon gave Google stock a strong buy rating. He wrote in a note to clients that Alphabet’s AI monopolization of custom silicon (TPUs) and cloud infrastructure will boost GOOG above the $400 level. The analyst remains bullish on the search giant, urging clients to take an entry position in the asset.

That’s an uptick and return on investment of approximately 28% from its current price of $353. Therefore, an investment of $1,000 in Google stock could turn into $1,280 if the projection meets the target. That’s double-digit gains and could deliver a profit of close to $102 per share. Taking an entry position at the $350 level could be beneficial to traders, allowing an opportunity to reap extra returns.

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