Alphabet Replaces Tech Rival as "Top Stock" at Citigroup

However, the FAANG rivals have both been affected by an EU ruling

Shares of Alphabet Inc (NASDAQ:GOOGL) are down 0.7% at $1,120.52, at last check, moving lower after European regulators decided on a platform-to-business law designed to prevent unfair practices within app stores and search engines. On the flipside, GOOGL is seeing positive attention from the likes of Citigroup, which named Alphabet its top pick -- replacing sector peer Amazon (AMZN).

Despite today's dip, the FAANG name has been climbing the charts long term, up 14% from its Christmas Eve low. Supporting the shares of late has been the 20-day moving average, with the 200-day moving average now moving into focus. This closely watched trendline was last spotted at the $1,130 mark.

Analyst attention has been unsurprisingly optimistic, with 27 of 28 covering brokerages sporting a "strong buy" recommendation. What's more, the stock's average 12-month price target of $1,346.26 represents roughly 20% upside to current levels. As for options activity, near-term traders are slightly call-skewed ahead of February expiration tomorrow, based on the Schaeffer's put/call open interest ratio (SOIR) of 0.89.