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Wall Street sets Google stock price for the next 12 months

Wall Street sets Google stock price for the next 12 months
Elmaz Sabovic

Alphabet Inc (NASDAQ: GOOGL) has experienced a varied stock performance following its Q3 2023 financial report disclosure on October 24.

The report influenced a decline in GOOGL stock attributed to Cloud revenue falling short of estimates at $8.41 billion, missing expectations by over $20 million.

Despite this setback, Alphabet’s strategic focus on its cloud unit remains crucial in competing with industry leaders such as Amazon Web Services and Microsoft Azure, particularly in the era of generative artificial intelligence.

In contrast to the Cloud revenue disappointment, reported diluted earnings per share stood at $1.55, indicating a favorable 7.6% increase from the previous quarter. This exceeded the NASDAQ’s consensus forecast of $1.45 per share. The positive earnings performance suggests resilience in other areas of Alphabet’s business, such as YouTube and advertising, mitigating the impact of the Cloud revenue shortfall.

Following the earnings announcement, GOOGL’s stock rebounded, trading at $134.62 per share on Thursday, November 16, at the time of publication. Over the previous 24 hours, it gained 0.75%, contributing to a 1.93% increase in value over the past five days.

Alphabet 5-day stock price chart.  Source: Google Finance
Alphabet 5-day stock price chart. Source: Google Finance

Over the last month, this stock has been trading within a range of $122.17 to $139.72, and it’s currently close to the upper end of this range. With prices experiencing an increase recently, it’s advisable to initiate new long positions now.

Wall Street’s forecast for GOOGL

On Wall Street, analysts’ average 12-month price target for GOOGL is $152.67, suggesting a potential upside of approximately 13.41% from the current share price.

Wall Street analysts’ average price target for GOOGL.  Source: TipRanks
Wall Street analysts’ average price target for GOOGL. Source: TipRanks

The stock has an average analyst rating of ‘Strong Buy,’ based on 26 ‘Buy’ recommendations, while only 6 advised ‘Hold,’ and none suggested a ‘Sell.’

Another positive indicator is that this stock is already trading above the lowest price target prediction of $126.

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