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Alphabet Analyst Bumps Up Price Target Ahead Of Q4 Results — But Flags Weakness In This Key Segment
Alphabet Analyst Bumps Up Price Target Ahead Of Q4 Results — But Flags Weakness In This Key Segment
$Alphabet-A (GOOGL.US)$ $Alphabet-C (GOOG.US)$received a price-target boost Monday, a day ahead of its quarterly earnings.
The Alphabet Analyst: KeyBanc Capital Markets analyst Justin Patterson maintained an Overweight rating on the stock and upped the price target from $153 to $165, suggesting 8.42% upside potential.
The Alphabet Thesis:
Q4 Outlook: Alphabet will likely report solid fourth-quarter revenue, with Google Search and YouTube more than offsetting a potential Cloud revenue miss, said Patterson in a note.
For the fourth quarter, KeyBanc expects revenue of $85.62 billion which is 0.4% above the consensus. Cloud revenue will likely come in at $8.78 billion, about 2.2% below the consensus estimate, the firm said. This would mark 20% year-over-year growth for the segment, it added.
The analyst, however, models an earnings miss due to a $700 million Google Pay settlement and the ongoing trials as well as a higher NFL Sunday Ticket expense. The company began streaming the National Football League's Sunday Ticket games, beginning with the 2023 season. It secured broadcast rights by paying $2 billion per year for seven years.
The legal charges could include charges related to the recent $5 billion Chrome incognito mode settlement, Patterson said.
Analysts, on average, estimate fourth-quarter earnings per share of $1.59 and revenue of $85.33 billion for Alphabet, according to Benzinga Pro data.
See Also: Best Artificial Intelligence Stocks
Key Focus Areas: Delving into areas of interest, Patterson said he would look for the segment commentary. Retail and travel may have benefited Search spend and a stronger brand market may have boosted YouTube revenue, the analyst said.
The Cloud business appears to have "cost optimizations" later than peers, and Network and Play may have faced headwinds around industry shifts, he added.
Patterson said he would also seek additional details on how Alphabet plans to scale AI products.
Estimate Revisions: As such KeyBanc raised its fourth-quarter and 2023 revenue estimates by 0.2% and 0.1%, respectively, baking in stronger ad revenue and weaker Cloud revenue. It lowered its earnings per share estimates by 1.8% and 0.5%, respectively.
KeyBanc is optimistic about Alphabet's near- and mid-term. The firm raised its revenue and earnings per share estimates for 2024 and 2025 to reflect increased confidence in Search growth and moderating opex growth. It attributed the higher price target to the hiked earnings per share forecast.
GOOG, GOOGL Price Action: At last check, Alphabet (GOOG) shares edged down 0.062% to $153.68, (GOOGL) shares were up 0.069% at $152.29, according to Benzinga Pro data.
Read Next: Despite Record Profits, Google Lays Off Over 1,000 Workers As Many Top DeepMind AI Scientists Leave To Start Their Own Startups
Photo: Shutterstock
$Alphabet-A (GOOGL.US)$ $Alphabet-C (GOOG.US)$received a price-target boost Monday, a day ahead of its quarterly earnings.
$谷歌-A (GOOGL.US)$ $谷歌-C (GOOG.US)$周一，即季度收益的前一天，目标股价上调。
The Alphabet Analyst: KeyBanc Capital Markets analyst Justin Patterson maintained an Overweight rating on the stock and upped the price target from $153 to $165, suggesting 8.42% upside potential.
Alphabet分析师：KeyBanc资本市场分析师贾斯汀·帕特森维持对该股的增持评级，并将目标股价从153美元上调至165美元，表明上涨潜力为8.42％。
The Alphabet Thesis:
字母论文：
Q4 Outlook: Alphabet will likely report solid fourth-quarter revenue, with Google Search and YouTube more than offsetting a potential Cloud revenue miss, said Patterson in a note.
第四季度展望：帕特森在一份报告中表示，Alphabet可能会公布稳健的第四季度收入，谷歌搜索和YouTube足以抵消云端潜在的收入亏损。
For the fourth quarter, KeyBanc expects revenue of $85.62 billion which is 0.4% above the consensus. Cloud revenue will likely come in at $8.78 billion, about 2.2% below the consensus estimate, the firm said. This would mark 20% year-over-year growth for the segment, it added.
KeyBanc预计第四季度的收入为856.2亿美元，比市场预期高出0.4％。该公司表示，云收入可能达到87.8亿美元，比市场普遍预期低约2.2％。它补充说，这将标志着该细分市场同比增长20％。
The analyst, however, models an earnings miss due to a $700 million Google Pay settlement and the ongoing trials as well as a higher NFL Sunday Ticket expense. The company began streaming the National Football League's Sunday Ticket games, beginning with the 2023 season. It secured broadcast rights by paying $2 billion per year for seven years.
但是，该分析师估计，由于7亿美元的Google Pay和解协议和正在进行的试验，以及NFL周日门票开支的增加，收益亏损。从2023赛季开始，该公司开始直播美国国家橄榄球联盟的周日门票比赛。它通过在七年内每年支付20亿美元来获得广播权。
The legal charges could include charges related to the recent $5 billion Chrome incognito mode settlement, Patterson said.
帕特森说，法律指控可能包括与最近50亿美元的Chrome隐身模式和解协议有关的指控。
Analysts, on average, estimate fourth-quarter earnings per share of $1.59 and revenue of $85.33 billion for Alphabet, according to Benzinga Pro data.
根据Benzinga Pro的数据，分析师平均估计Alphabet第四季度每股收益为15.9美元，收入为853.3亿美元。
See Also: Best Artificial Intelligence Stocks
另见：最佳人工智能股票
Key Focus Areas: Delving into areas of interest, Patterson said he would look for the segment commentary. Retail and travel may have benefited Search spend and a stronger brand market may have boosted YouTube revenue, the analyst said.
主要关注领域：帕特森在深入研究感兴趣的领域时表示，他将寻找该细分市场的评论。分析师表示，零售和旅行可能使搜索支出受益，而更强劲的品牌市场可能增加了YouTube的收入。
The Cloud business appears to have "cost optimizations" later than peers, and Network and Play may have faced headwinds around industry shifts, he added.
他补充说，云业务的 “成本优化” 似乎晚于同行，而Network and Play可能面临行业转变带来的阻力。
Patterson said he would also seek additional details on how Alphabet plans to scale AI products.
帕特森表示，他还将寻求有关Alphabet计划如何扩大人工智能产品的更多细节。
Estimate Revisions: As such KeyBanc raised its fourth-quarter and 2023 revenue estimates by 0.2% and 0.1%, respectively, baking in stronger ad revenue and weaker Cloud revenue. It lowered its earnings per share estimates by 1.8% and 0.5%, respectively.
估算修订：因此，KeyBanc将其第四季度和2023年的收入预期分别提高了0.2％和0.1％，这归因于广告收入的增长和云收入的疲软。它将每股收益预期分别下调了1.8％和0.5％。
KeyBanc is optimistic about Alphabet's near- and mid-term. The firm raised its revenue and earnings per share estimates for 2024 and 2025 to reflect increased confidence in Search growth and moderating opex growth. It attributed the higher price target to the hiked earnings per share forecast.
KeyBanc对Alphabet的短期和中期表现乐观。该公司上调了2024年和2025年的收入和每股收益预期，以反映对搜索增长的信心增强和运营支出增长的放缓。它将更高的目标股价归因于每股收益预测的上涨。
GOOG, GOOGL Price Action: At last check, Alphabet (GOOG) shares edged down 0.062% to $153.68, (GOOGL) shares were up 0.069% at $152.29, according to Benzinga Pro data.
GOOG，谷歌价格走势：根据Benzinga Pro的数据，截至上次检查，Alphabet（GOOG）股价小幅下跌0.062％，至153.68美元，（GOOG）股价上涨0.069％，至152.29美元。
Read Next: Despite Record Profits, Google Lays Off Over 1,000 Workers As Many Top DeepMind AI Scientists Leave To Start Their Own Startups
继续阅读：尽管利润创历史新高，但由于许多顶尖的DeepMind AI科学家离开创办自己的初创公司，谷歌还是裁员了1,000多人
Photo: Shutterstock
照片：Shutterstock
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国，moomoo上的投资产品和服务由Moomoo Financial Inc.提供，一家受美国证券交易委员会（SEC）监管的持牌主体。 Moomoo Financial Inc.是金融业监管局（FINRA）和证券投资者保护公司（SIPC）的成员。
在新加坡，moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供，该公司受新加坡金融管理局（MAS）监管(牌照号码︰CMS101000) ，持有资本市场服务牌照 (CMS) ，持有财务顾问豁免（Exempt Financial Adviser）资质。本内容未经新加坡金融管理局的审查。
在澳大利亚，moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供，该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构（AFSL No. 224663）。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件，这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大，通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供，并受加拿大投资监管机构（CIRO）监管。
在马来西亚，moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供，该公司受马来西亚证券监督委员会（SC）监管(牌照号码︰eCMSL/A0397/2024) ，持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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