Wall Street analysts are raising their price estimates for Alphabet (GOOGL) stock ahead of the company’s third-quarter earnings report. Google’s parent company is scheduled to release its third quarter results after the market closes on Wednesday, October 29th. Multiple analysts raised their estimates for GOOGL this week, hinting at confidence that the company will report better-than-expected results.
Bernstein Wall Street analyst Mark Shmulik upped his price target on GOOGL stock from $210 to $260 while maintaining a hold rating. Shmulik cited easing regulatory concerns and AI developments as the main factors behind raising the price target. He also highlighted Gemini’s rise to the top of the app store rankings and Google Cloud’s recent success. While OpenAI keeps the field competitive, Google and Anthropic are seeing joint success in the form of increased utilization.
Similarly, Oppenheimer research analysts raised their GOOGL forecast from $270.00 to $300.00 on Monday. This suggests a potential upside of 15% from the current share price of $254. The company currently has an “outperform” rating on GOOGL, agreeing with Bernstein about Alphabet’s success in AI development and cloud computing. CNN Business research suggests that GOOGL stock is a 10/10, with 83% of 75 analysts surveyed suggesting they will buy GOOGL stock before earnings. Furthermore, in a report released on October 13th, Cantor Fitzgerald maintained its rating on the stock and set a price target of $265.00.
Alphabet Class A’s analyst consensus is a Strong Buy, with a consensus price target of $261.40, which is a 3.8% upside from current levels. GOOGL is trading near the top of its 52-week range and above its 200-day simple moving average.
