Recently, Cantor Fitzgerald has raised its FY2024 earnings per share (EPS) estimate for Alphabet (GOOGL, Financial). Now, analyst D. Mathivanan expects an EPS of $8.06 for the year compared to the analyst's prior consensus of $7.96. Cantor Fitzgerald has maintained its 'Neutral' rating and its price target at $190.00. For Alphabet's current fiscal year, the consensus EPS estimate is $8.01.
It coincides with a spate of other analysts updating. Wedbush recently raised its Alphabet shares price target to $210.00 from $210.00 and raised it again to $220.00, retaining an “Outperform” rating, and Pivotal Research recently increased its price target from $215.00 to $225.00, maintaining a “Buy” rating. Wolfe Research also followed, moving its price objective from $220.00 to $230.00 and reiterating its “Outperform” rating.
Not all ratings have been bullish, however. Alphabet was downgraded by Citizens Jmp from a “Strong Buy” to a “Hold” on January 2. However, most still are still positive. we find that Alphabet is currently rated as a Moderate Buy with nine Hold, thirty Buy and four Strong Buy ratings. The average price target for the stock is $206.82.
The mixed sentiment from analysts as Alphabet contemplates a tricky macroeconomic landscape highlights this and the tech giant's strong areas– advancements in advertising and cloud services.
