Visitors Now:
Total Visits:
Total Stories:
Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Axiom Says Alphabet Inc Stock is Going to $1,000 (GOOGL)

Monday, October 10, 2016 4:41
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Alphabet logoTech giant Alphabet Inc (NASDAQ:GOOGL) received a big price target boost from analysts at Axiom Capital this morning, who are bullish on the stock ahead of this month’s earnings report.

The firm reiterated its Buy rating on GOOGL and lifted its price target from $990 to $1,000. That new target suggests a massive 25% upside to the stock’s Friday closing price of $800.71.

Axiom made the change based on increased valuation expectations, and boosted its earnings estimates for the Google parent accordingly. The analyst provided the following forecast for Alphabet’s upcoming earnings, which will be delivered on Oct. 27 after the closing bell:

  • Q3 revenue of $17.925 billion, up 18.6% from last year.
  • Adjusted Q3 EPS of $8.65.
  • Within the Google segment, analyst projects Websites revenue growth of 20.0% year-over-year, a slowdown from 24.2% in Q2.
  • Networks revenue growth of 3.9% YoY (vs. 3.4% in 2Q16).
  • Other revenue growth of 29% YoY (vs. 33.3% in 2Q16).
  • Non-GAAP operating income for the Google segment is expected to be $8.4 billion, up 18.6% from last year on margins of 47.5%.

The firm upped its target and estimates following recent channel checks, which included iProspect, Merkel/RKG, IgnitionOne, Kenshoo, SMX Conference, and Advertising Week presentations. Furthermore, Axiom sees an even better 2017 ahead, citing continued search innovations, mobile search strength (both spend and pricing), and continued growth momentum at YouTube.

GOOGL-2016-10-10

Alphabet shares rose $3.47 (+0.43%) to $804.18 in premarket trading Monday. Year-to-date, GOOGL has gained 2.92%, trailing the 5.48% rise in the benchmark S&P 500 index in the same period.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.