Jefferies analysts lifted their price objective on Alphabet (NASDAQ:GOOGL) stock Tuesday from $200 to $215 after conducting a survey showing that the tech giant is a leader in AI mindshare among consumers.
According to the investment firm, 63% of surveyed consumers associated GOOGL with AI technology, well ahead of OpenAI at 51%, Meta (NASDAQ:META) at 44%, and Microsoft (NASDAQ:MSFT) at 28%. Roughly 1,500 consumers were polled.
The survey also showed that consumers like Google’s AI-powered search more than traditional results. Specifically, 41% of respondents voiced a positive reaction compared to 29% who didn’t like its AI-powered results.
However, more than 60% of consumers said they are very or somewhat likely to use a non-GOOGL AI platform for search, Jefferies noted.
“A 15% minority are already doing this frequently,” analysts wrote. “In our experience, users tend to return to a proven and familiar tool, but it does increase pressure on GOOGL to keep innovating.”
For at-work use, OpenAI remains a clear leader, with 27% of workers using OpenAI, ChatGPT, and DALL-E, well above Google at 15%, and Microsoft’s Bing at 14%.