Google has made fresh 2-year lows over recent weeks but we remind ourselves of what we said back in July – “We like GOOGL with the ideal level to increase our exposure sub $US100 assuming we see another wave of bearishness wash through US stocks.” This company like many strong businesses is still at the mercy of the global economy in terms of delivering strong revenue and profitability and here lieth the major issues that’s weighed on the stock, but below $US100 we now believe there’s an argument that too much potential bad news is now being built into the stock and the surprise could easily now be on the upside.
- We believe that Google is in an excellent risk/reward area for the patient accumulator looking for ~20% upside into 2023.
MM is bullish GOOGL under $US100
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