Shares of Alphabet Class A stock officially passed through the $1,000 per share mile mark on Monday morning. The move comes just days after shares of Amazon broke through $1,000 for the first time ever.
Shares of Alphabet have been on the upswing all year from a $672.66 52-week low, but may have received a nudge thanks to a recent Pacific Crest note that downgraded Apple. In it, analyst Andy Hargreaves suggested investors buy Alphabet instead of Apple.
“We recommend large-cap tech investors use proceeds from sales of Apple to purchase GOOGL (Overweight, PT $1,100), which we believe retains an excellent risk/reward profile and more substantial upside potential than AAPL,” Hargreaves said.
Separately, Goldman Sachs published a report Monday noting the technology sector is its favorite at the moment, and that there’s a “basket” of 13 companies that sit on Goldman’s “Hedge Fund VIP” and “Mutual Fund Overweight Positions” lists. Alphabet is included among the favorites.
Shares of Google were up more than 1 percent to $1,007.01 at the time of publication.