On Monday, July 27, analysts from Phillip Securities revealed that their conviction in the stock of Google’s parent company, Alphabet (NASDAQ: GOOGL), has increased relative to the previous note they issued to investors.

Specifically, the firm’s experts replaced the preceding ‘Accumulate’ – roughly ‘Moderate Buy’ – recommendation with an outright ‘Buy’ rating while also raising their 12-month price target from $425 to $450.

According to the latest Phillip Securities note, the upgrade is the result of Google’s strong revenue growth in recent months, as revealed by the July 22 quarterly filing and the estimate that the blue-chip firm’s artificial intelligence (AI) ecosystem will continue driving…