Just caught that Wolfe Research put out an outperform rating on Alphabet back in mid-2024. The analyst price target was sitting around €183.42, which at the time suggested about 6.81% upside from where it was trading. Not a huge move but solid if you're looking at the bigger picture.

What caught my eye was the fund activity on BIT:1GOOGL. There were over 6,200 institutions holding positions, and that number actually grew by about 5% in that quarter. Average fund allocation was around 1.81% of portfolios. Some of the big index funds like Vanguard's total market fund held massive stakes - like 185 million shares - though they were trimming positions slightly.

Revenue projections for that period were looking at roughly 350 billion, with non-GAAP EPS around 6.89. You had some interesting dynamics where big funds like Geode and T Rowe were actually adding shares despite reducing overall portfolio weight, which tells you something about rotation dynamics.

It's interesting how even when major institutions are rebalancing, BIT:1GOOGL still attracts that kind of institutional money. The analyst consensus back then was pretty constructive, and honestly the fundamentals on the revenue side looked pretty solid for a company that size.