Alphabet, which owns Google, came close to joining Apple and Microsoft in the club of companies with a market value of $2 trillion, after its shares soared on Wednesday (2), following another encouraging quarter.
The gains, if held, could be the biggest single-day for stocks since 2015, allaying some of the concerns surrounding Big Techs’ valuation that have triggered an industry-wide sell-off in recent days.
At least 20 brokerages raised their share price targets.
Alphabet also announced a 1-to-20 share split, reducing its price to around $138 based on Tuesday’s close.
“The split will make equities more accessible to retail investors and will likely facilitate inclusion in the Dow Jones Industrial Average, but it has no fundamental impact,” said Doug Anmuth, an analyst at JPMorgan.
Source: CNN Brasil
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