Why Alphabet Stock Is Rising Today

Why Alphabet Stock Is Rising Today

Alphabet Inc GOOG shares are trading higher Wednesday after the company reported second-quarter financial results that were better than feared. Several analysts adjusted price targets on the stock following the report.

Alphabet said second-quarter revenue jumped 13% year-over-year to $69.98 billion, which missed the estimate of $70.35 billion, according to data from Benzinga Pro. The company reported quarterly earnings of $1.21 per share, which missed the estimate of $1.31 per share. 

"In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes," said Sundar Pichai, CEO of Alphabet.

Related Link: Alphabet Q2 Earnings Highlights: Revenue Miss, EPS Miss, Search And Cloud Segments Show Growth

Analyst Assessment:

  • Citigroup maintained Alphabet with a Buy rating and lowered the price target from $145 to $140.
  • Piper Sandler maintained Alphabet with an Overweight rating and lowered the price target from $139 to $135.
  • Morgan Stanley maintained Alphabet with an Overweight rating and raised the price target from $140 to $145.
  • Wells Fargo maintained Alphabet with an Overweight rating and lowered the price target from $170 to $160.
  • Jefferies maintained Alphabet with a Buy rating and lowered the price target from $155 to $130.

GOOG Price Action: Alphabet has a 52-week high of $152.10 and a 52-week low of $102.21.

The stock was up 4.31% at $109.99 at time of publication.

Photo: Photo Mix from Pixabay.

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