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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.
$谷歌-A (GOOGL.US)$ $谷歌-C (GOOG.US)$週一，即季度收益的前一天，目標股價上調。
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分析師：KeyBanc資本市場分析師賈斯汀·帕特森維持對該股的增持評級，並將目標股價從153美元上調至165美元，表明上漲潛力爲8.42％。
The Alphabet Thesis:
字母論文：
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：帕特森在一份報告中表示，Alphabet可能會公佈穩健的第四季度收入，谷歌搜索和YouTube足以抵消雲端潛在的收入虧損。
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預計第四季度的收入爲856.2億美元，比市場預期高出0.4％。該公司表示，雲收入可能達到87.8億美元，比市場普遍預期低約2.2％。它補充說，這將標誌着該細分市場同比增長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，該分析師估計，由於7億美元的Google Pay和解協議和正在進行的試驗，以及NFL週日門票開支的增加，收益虧損。從2023賽季開始，該公司開始直播美國國家橄欖球聯盟的週日門票比賽。它通過在七年內每年支付20億美元來獲得廣播權。
The legal charges could include charges related to the recent $5 billion Chrome incognito mode settlement, Patterson said.
帕特森說，法律指控可能包括與最近50億美元的Chrome隱身模式和解協議有關的指控。
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.
根據Benzinga Pro的數據，分析師平均估計Alphabet第四季度每股收益爲15.9美元，收入爲853.3億美元。
See Also: Best Artificial Intelligence Stocks
另見：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.
主要關注領域：帕特森在深入研究感興趣的領域時表示，他將尋找該細分市場的評論。分析師表示，零售和旅行可能使搜索支出受益，而更強勁的品牌市場可能增加了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.
他補充說，雲業務的 “成本優化” 似乎晚於同行，而Network and Play可能面臨行業轉變帶來的阻力。
Patterson said he would also seek additional details on how Alphabet plans to scale AI products.
帕特森表示，他還將尋求有關Alphabet計劃如何擴大人工智能產品的更多細節。
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.
估算修訂：因此，KeyBanc將其第四季度和2023年的收入預期分別提高了0.2％和0.1％，這歸因於廣告收入的增長和雲收入的疲軟。它將每股收益預期分別下調了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對Alphabet的短期和中期表現樂觀。該公司上調了2024年和2025年的收入和每股收益預期，以反映對搜索增長的信心增強和運營支出增長的放緩。它將更高的目標股價歸因於每股收益預測的上漲。
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，谷歌價格走勢：根據Benzinga Pro的數據，截至上次檢查，Alphabet（GOOG）股價小幅下跌0.062％，至153.68美元，（GOOG）股價上漲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
繼續閱讀：儘管利潤創歷史新高，但由於許多頂尖的DeepMind AI科學家離開創辦自己的初創公司，谷歌還是裁員了1,000多人
Photo: Shutterstock
照片：Shutterstock
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國，moomoo上的投資產品和服務由Moomoo Financial Inc.提供，一家受美國證券交易委員會（SEC）監管的持牌主體。 Moomoo Financial Inc.是金融業監管局（FINRA）和證券投資者保護公司（SIPC）的成員。
在新加坡，moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供，該公司受新加坡金融管理局（MAS）監管(牌照號碼︰CMS101000) ，持有資本市場服務牌照 (CMS) ，持有財務顧問豁免（Exempt Financial Adviser）資質。本內容未經新加坡金融管理局的審查。
在澳大利亞，moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供，該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構（AFSL No. 224663）。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件，這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大，透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供，並受加拿大投資監管機構（CIRO）監管。
在馬來西亞，moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供，該公司受馬來西亞證券監督委員會（SC）監管(牌照號碼︰eCMSL/A0397/2024) ，持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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