Alphabet's Q4 Outlook: What to Expect from This Tech Giant

September 17, 2024 12:08 PM PDT | By Team Kalkine Media

Alphabet's Q4 Outlook: What to Expect from This Tech Giant — Image source: Shutterstock

Headlines

Alphabet (GOOG) has gained over 12% year-to-date but is lagging behind its peers and the S&P 500.
The company faces challenges due to a court ruling suggesting it holds a monopoly in online search, creating market uncertainty.
Despite varied analyst opinions, Alphabet remains a topic of debate for potential gains in the upcoming quarter.

Alphabet (NASDAQ:GOOG) has achieved a year-to-date gain of just over 12%, yet it is trailing behind many of its peers, including the S&P 500 Index. Recent legal developments have cast a shadow over the company’s outlook, as a court ruling suggests it holds a monopoly in the online search marketThis has led to increased discussions about potential regulatory actions against the tech giant, causing market apprehension.

Currently, Alphabet holds a favorable consensus rating from analysts, with an average target price suggesting significant upside potential compared to recent closing pricesDespite this, the sentiment among analysts has shown some shiftThe percentage of analysts with a positive rating has decreased from 86% three months ago to 82% today.

Recent actions by analysts have contributed to this shiftRosenblatt, Bernstein, and Loop Capital have adjusted their ratings, reflecting a more cautious stanceOn the other hand, Phillip Securities has recently updated its rating to reflect a more optimistic viewAdditionally, Evercore ISI has revised Alphabet’s target price downward but continues to maintain a positive outlook.

The debate continues as Alphabet navigates these challenges, with varying opinions on its future performance.

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