Shares of Google (NASDAQ:GOOG) went into a post-earnings slump lately that lasted from the beginning of February until the end of the month as slowing advertising revenue growth went negative in Q4’22. However, Google could soon announce a new stock buyback, as the current $70B buyback is set to be completed by June (at a current buyback rate of $5B/month). I believe that a new, upsized stock buyback could be a strong catalyst for Google’s struggling shares. At a P/E ratio of 15.6 X, I believe buybacks make a lot of sense for Google and the stock could go into a new up-leg if Google announces a new authorization. While the advertising down-turn is not yet over, Google’s Cloud business could limit the stocks downside potential in FY 2023!
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