Alphabet shares rebound on Wednesday, Morgan Stanley raises price target on the stock to a fresh Street high

Shares of Alphabet Inc (GOOG) touched highs unseen in three weeks on Wednesday, after Morgan Stanley raised its price target on the stock from $1 325 to $1 515, or a fresh Street high. The bank also maintained an “Overweight” rating on the stock.

Alphabet shares closed higher for the fifth time in the past eleven trading sessions on NASDAQ on Wednesday. The stock went up 1.47% ($18.15) to $1,249.30, after touching an intraday high at $1,250.66, or a price level not seen since August 9th ($1,255.54).

Shares of Alphabet Inc have risen 19.39% so far in 2018 compared with an 8.99% gain for the underlying index, S&P 500 (SPX).

In 2017, Alphabet’s stock surged 35.58%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

According to Morgan Stanley analyst Brian Nowak, the launch of Waymos ride-hailing service by the end of this year might be a “potential catalyst for value realization.”

Waymo is evaluated at approximately $60 per share, or $45 billion in equity value, the analyst noted, while adding that it represented 25% of the services $175 billion potential.

At the same time, Nowaks model evaluates Alphabets core Google business at $1 290 per share, which translates into an equity value of $945 billion.

According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,400.00, with a high estimate of $1,500.00 and a low estimate of $1,080.00. The median estimate represents a 12.06% upside compared to the closing price of $1,249.30 on August 29th.

The same media also reported that 36 out of 44 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 4 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Alphabet stock are presented as follows:

R1 – $1,250.61
R2 – $1,251.92
R3 (Range Resistance – Sell) – $1,253.23
R4 (Long Breakout) – $1,257.17
R5 (Breakout Target 1) – $1,261.76
R6 (Breakout Target 2) – $1,263.75

S1 – $1,247.99
S2 – $1,246.68
S3 (Range Support – Buy) – $1,245.37
S4 (Short Breakout) – $1,241.44
S5 (Breakout Target 1) – $1,236.84
S6 (Breakout Target 2) – $1,234.85

By using the traditional method of calculation, the weekly levels of importance for Alphabet Inc (GOOG) are presented as follows:

Central Pivot Point – $1,212.31
R1 – $1,229.99
R2 – $1,239.33
R3 – $1,257.01
R4 – $1,274.69

S1 – $1,202.97
S2 – $1,185.29
S3 – $1,175.95
S4 – $1,166.61