Alphabet (NASDAQ:GOOGL) Inc., the parent company of Google, is set to reveal its third-quarter earnings amidst an ongoing antitrust dispute with the Justice Department.
This year, Alphabet's stock has seen a remarkable surge of 55%, considerably outpacing the S&P 500 SPX's 10% rise in 2023. Analysts have set an average price target of $152.08 for the stock, with 47 buy ratings and 10 hold ratings among them.
Investors are keeping a keen eye on Alphabet's digital ad spending, specifically the anticipated re-acceleration of search and YouTube revenues. Despite Meta (NASDAQ:META)'s continued dominance in the ad sector, expectations are mounting over a potential face-off with Apple (NASDAQ:AAPL).
Analysts at Goldman Sachs have commended Alphabet's management for effectively optimizing the company's long-term cost structure. They describe this as an "under-appreciated narrative" and position Alphabet as a leading player in artificial intelligence (AI), influencing upcoming shifts in computing.
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