Alphabet Inc. Class C research data supports YouTube, Citigroup raised Alphabet (GOOGL.US) target price.

Quality fundamentals favored by hedge funds Alphabet Inc. (GOOGL.US) received more bullish calls from institutions. Citigroup released a report on June 24th, reaffirming a "buy" rating on the stock based on positive channel research data for Alphabet Inc. Class C's Search and YouTube businesses, and raising its target price from $200 to $203. The report pointed out that while YouTube and Search are still core platforms for advertisers' media placement strategies, advertisers are increasingly focusing on the evolving trends in user search habits. Data shows that in May of this year, ChatGPT's monthly active users approached 603 million, while Alphabet Inc. Class C's Gemini was only 77 million. However, the performance of YouTube business remains strong: its daily viewing time on television exceeds 1 billion hours, accounting for 12.5% of the total viewing time in the U.S. market. Of particular note, YouTube Shorts' daily views have surpassed 200 billion, a significant increase from about 70 billion views in September 2023, with Citigroup finding this growth momentum "impressive". As a global tech giant, Alphabet has a diversified business portfolio, with core products including Alphabet Inc. Class C advertising (Google Ads), Chrome browser, search engine, and YouTube, all of which dominate their respective markets.