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Alphabet

Alphabet, the parent of Google, the world’s largest search engine that dominates internet search activity globally, is expected to report its first-quarter earnings of $15.54 per share, which represents year-over-year growth of over 57% from $9.87 per share seen in the same quarter a year ago.

The Mountain View, California-based internet giant would post revenue growth of more than 25% to around $42.2 billion. It is worth noting that the company, on average, has delivered an earnings surprise of over 25% in the last four quarters.

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Alphabet’s better-than-expected results, which will be announced on Tuesday, April 27, would help the stock hit new all-time highs. Alphabet shares surged more than 30% so far this year. At the time of writing, the stock was trading nearly flat at $2,282.8 on Thursday – close to the record high of $2,304.09.

Analyst Comments

GOOGL still favorable set up after strong YTD gains. GOOGL has outperformed major indices YTD as investor sentiment turned positive. Our checks have been broadly positive, indicating accelerating momentum in the ad business and sustained strength in Cloud,” noted Brent Thill, equity analyst at Jefferies.

GOOGL remains a top large-cap pick as we believe it should benefit in 2021 from ad spend recovery, pent-up demand for Google Cloud, and call options on Waymo and other non-advertising initiatives.”

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Alphabet Stock Price Forecast

Thirty analysts who offered stock ratings for Alphabet in the last three months forecast the average price in 12 months of $2,461.66 with a high forecast of $2,953.00 and a low forecast of $2,100.00.

The average price target represents a 7.89% increase from the last price of $2,281.60. All of those 30 analysts rated “Buy”, according to Tipranks.

Morgan Stanley gave the base target price of $2,350 with a high of $2,800 under a bull scenario and $1,650 under the worst-case scenario. The firm gave an “Overweight” rating on the internet giant’s stock.

“Google Websites growth is likely to rebound in ’21 as we believe there are several underappreciated products driven by mobile search, strong YouTube contribution, and continued innovation, such as Maps monetization. Continued expense discipline leads to operating leverage and upward revisions on EPS estimates,” noted Brian Nowak, equity analyst at Morgan Stanley.

Several other analysts have also updated their stock outlook. Jefferies raised the target price to $2,700 from $2,400. Alphabet had its price target upped by investment analysts at Mizuho to $2,600 from $2,350. The firm currently has a “buy” rating on the information services provider’s stock.

Moreover, Oppenheimer lifted the target price to $2,350 from $2,250. JP Morgan increased the price target to $2575 from $2390. Cowen and company upped the target price to $2,600 from $2,400.

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