{"id":37324,"date":"2023-07-18T12:37:48","date_gmt":"2023-07-18T16:37:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/alphabet-bulls-gather-raising-bets-on-a-rally-for-the-google-stock\/"},"modified":"2023-07-18T12:37:49","modified_gmt":"2023-07-18T16:37:49","slug":"alphabet-bulls-gather-raising-bets-on-a-rally-for-the-google-stock","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37324","title":{"rendered":"Alphabet Bulls Gather, Raising Bets on a Rally for the Google Stock"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

Shares in Alphabet have lagged behind some Big Tech peers, but the owner of Google and YouTube may be poised for gains as analysts turn more bullish on the stock ahead of second-quarter earnings.<\/p>\n

Alphabet (ticker: [Class C]\n GOOG
\n and [Class A]\n GOOGL
\n ) has been on a roll, it\u2019s true\u2014the shares have advanced 41% so far this year\u2014but the stock is in a bit of a holding pattern, edging up just 1.3% in the last month. It\u2019s an underperformance of some peers, with the
\n Nasdaq 100,<\/span>
\n which tracks the biggest stocks in the tech-heavy
\n Nasdaq Composite,<\/span>
\n up 44% in 2023 and 4.3% over the past month.<\/p>\n

\n

But analysts\u2019 action suggests the stock could be ready for another leg higher.<\/p>\n

Alphabet is a favorite on Wall Street, garnering an average rating of Buy among almost 50 brokerages surveyed by FactSet, but analysts have recently turned even more optimistic on the tech giant. While the consensus price target on Alphabet implies upside of just north of 8% from current levels, there has been a wave of revisions in the past week calling for much more substantial gains.<\/p>\n

Seven analysts have raised their expectations on Alphabet\u2019s stock price since July 12, with the average gain implied by this cohort of targets being some 16% from Monday\u2019s closing price of 125.06 for the Class C stock.<\/p>\n

One of those analysts, Justin Patterson of KeyBanc Capital Markets said in a Monday note that the second quarter \u201clikely marks the beginning of a re-acceleration\u201d for Alphabet. <\/p>\n

KeyBanc sees upside to the consensus for second-quarter earnings per share, forecasting EPS at $1.38 versus the average estimate of $1.34.<\/p>\n

Likely to drive profit gains for Alphabet, Patterson said, is a recovery in both the Search and YouTube businesses as well as the impact of cost-saving initiatives. KeyBanc also raised its outlook for 2023 and 2024 annual earnings per share.<\/p>\n

It may be just the beginning of upward revisions for Alphabet heading into the group\u2019s second-quarter earnings. The stock could follow, and close that underperformance with the wider Nasdaq 100.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Alphabet have lagged behind some Big Tech peers, but the owner of Google and YouTube may be poised for gains as analysts turn more bullish on the stock ahead of second-quarter earnings. Alphabet (ticker: [Class C] GOOG and [Class A] GOOGL ) has been on a roll, it\u2019s true\u2014the shares have advanced 41% […]<\/p>\n","protected":false},"author":1,"featured_media":10963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-37324","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAlphabet Bulls Gather, Raising Bets on a Rally for the Google Stock | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares in Alphabet have lagged behind some Big Tech peers, but the owner of Google and YouTube may be poised for gains as analysts turn more bullish on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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