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Google will outperform in 2020 under new CEO Pichai, says Pivotal Research as it upgrades the stock

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Sundar Pichai, chief executive officer at Google LLC, speaks during the Google Cloud Next '19 event in San Francisco, California, U.S., on Tuesday, April 9, 2019.
Michael Short | Bloomberg | Getty Images

Investors should be bullish on Google's new regime under Sundar Pichai, according to Pivotal Research Group.

The firm upgraded shares of Google's parent company Alphabet to buy from hold and hiked its price target to $1,650 per share from $1,445 per share, a near 18% upside from Friday's closing price of $1,361.52 per share. Pivotal said it is optimistic that the technology giant's newly appointed chief executive officer and chairman Pichai is a positive for investors.

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