Alphabet (GOOGL 1.43%)(GOOG 1.29%) stock is seeing solid bullish momentum in Monday's trading. The company's share price was up 3.3% as of 3:10 p.m. ET. At the same point in the day's trading, the S&P 500 and the Nasdaq Composite were up 1% and 1.7%, respectively.
Alphabet stock is getting a boost from bullish analyst coverage today. The company's share price is also getting a lift from news of a new energy partnership and favorable developments on the U.S.-China trade front.
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Alphabet stock rises as analysts hike price targets
Before the market opened this morning, J.P. Morgan published new coverage on Alphabet stock. The investment giant maintained an overweight rating on the tech giant's stock and raised its one-year price target from $260 per share to $300 per share. J.P. Morgan's lead analyst on the stock, Brent Thill, cited the potential for favorable resolutions to the Justice Department's antitrust case against the company and strong sales and earnings momentum as reasons for the price target hike.
KeyBanc published its own bullish coverage on Alphabet stock this morning. KeyBanc's analysts also settled on a new price target of $300 -- up from its previous forecast for a price of $265 per share. The investment firm is bullish about Alphabet's upcoming third-quarter report and expects sales momentum in artificial intelligence (AI) and other key product categories can push the company's share price higher.
NASDAQ: GOOGL
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Energy and China news are also pushing Alphabet higher
Alphabet's Google division announced a new partnership with NextEra Energy that will see the nuclear energy specialist provide power services to support AI projects. The partnership will make use of NextEra's Duane Arnold Energy Center in Palo, Iowa, that's expected to come back online in 2029.
Alphabet's valuation is also getting a lift from news that the U.S. and China have settled on a "preliminary consensus" for a trade deal. The news comes as President Donald Trump is touring Asia and gearing up for a meeting with Chinese President Xi Jinping. Tense relations between the U.S. and China have been a major risk factor for the broader market this year, and signs of meaningful improvement on the front could help lift valuations for Alphabet and other tech stocks.
