BMO Capital Markets analyst Daniel Salmon on Monday upgraded his stock rating on Google parent company Alphabet, arguing that more consumers would amid the coronavirus crisis look at paying for its subscription services, such as YouTube Premium.
Salmon moved his rating on the technology giant's shares from "market perform" to "outperform" after "a historic sell-off" that has seen the stock drop from a 52-week high above $1.530 in February to a 52-week low of $1,008.87 last week.
He left his price target on the stock at $1,400. "As consumers seek alternative forms of entertainment within the confines of their homes, they are likely to increasingly consider subscription products offered by Google, including YouTube Premium, YouTube Premium