Rosenblatt initiates Alphabet with $410 target, banks on cloud over search despite AI chatbot threat

Rosenblatt Securities analyst Scott Devitt initiated coverage on Alphabet with a Buy rating and $410 price target on 19 August, arguing concerns around AI chatbots threatening Google's search business have largely played out.

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Rosenblatt's thesis centres more heavily on Cloud, which grew 82% to $24.8 billion in Q2, with operating income more than tripling to $8.8 billion.

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