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Alphabet stock rises after BMO upgrade

BMO Capital Markets analyst Daniel Salmon upgraded Alphabet Inc. shares to outperform from market perform on Monday, writing that he expects mega-cap internet companies to be popular when the economy rebounds. Salmon prefers Alphabet’s stock to Facebook Inc.’s as the Google parent company has greater exposure to large businesses, whereas smaller enterprises will likely feel the effects of the COVID-19 outbreak more strongly. He also argued that Alphabet’s YouTube subscription offerings should see benefit from lockdowns. Salmon still prefers Inc.’s stock over Alphabet’s, writing that he expects the e-commerce giant’s advertising business to be more resilient during the pandemic. Alphabet shares up up 0.6% in premarket trading Monday. The stock has dropped 17% over the past month as the S&P 500 has declined 14%.

2020-04-03 17:57:11

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