Alphabet Moving ‘Too Fast’ in AI, Bernstein Warns in Downgrade
- The firm follows UBS in turning more cautious on the stock
- Alphabet shares have been strong performers this year
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Alphabet Inc. received another downgrade on Tuesday, with Bernstein becoming the latest firm on Wall Street to step away from the Google parent company.
Shares fell 1.5% after the cut to market perform from outperform. The stock is on track for its sixth negative session of the past seven, though it remains up more than 30% this year. Analyst Mark Shmulik wrote that the stock’s narrative “has quickly caught up to fundamentals,” resulting in a balanced risk profile.