From Nasdaq, Inc.:

Alphabet, Inc. received a price-target boost ahead of its quarterly earnings, with KeyBanc Capital Markets analyst Justin Patterson maintaining an Overweight rating and increasing the price target from $153 to $165, suggesting 8.42% upside potential.

For the fourth quarter, KeyBanc expects revenue of $85.62 billion, 0.4% above the consensus, with analysts estimating earnings per share of $1.59 and revenue of $85.33 billion for Alphabet.

Alphabet’s cloud revenue is expected to come in at $8.78 billion, about 2.2% below the consensus estimate, but the company is involved in several legal charges including a $700 million Google Pay settlement and $5 billion Chrome incognito mode settlement.

KeyBanc raised its fourth-quarter and 2023 revenue estimates, lowering its earnings per share estimates. The firm is optimistic about Alphabet’s near- and mid-term, raising its revenue and earnings per share estimates for 2024 and 2025.

At last check, Alphabet (GOOG) shares edged down 0.062% to $153.68, (GOOGL) shares were up 0.069% at $152.29.



Read more: Alphabet Analyst Bumps Up Price Target Ahead Of Q4 Results — But Flags Weakness In This Key Segment