Alphabet stock price target raised to $1,370 from $1,230 at SunTrust RH

alphabet stock price target raised to  from  at suntrust rh
Alphabet stock price target raised to $1,370 from $1,230 at SunTrust RH


Alphabet stock rises to potential record after earnings smash expectations

Alphabet Inc. shares roared to prices that would be record highs if they occurred in regular trading, after reporting second-quarter earnings Monday afternoon that were slammed by a recent record antitrust fine out of Europe yet easily surpassed expectations. The Google parent company reported $3.2 billion in net income for the quarter, which works out to $4.54 a share, down from $5.01 a share a year ago, when the company also dealt with a big antitrust fine out of the EU. Without the fine, Alphabet would have reported earnings of $11.75 a share, the company said, well higher than analysts’ average estimate of $9.64 a share, according to FactSet. Alphabet reported revenue after accounting for traffic-acquisition costs of $26.24 billion, up from $20.91 billion in the second quarter of 2017 and higher than the average analyst estimate of $25.58 billion. Alphabet shares jumped nearly 5% in after-hours trading Monday to prices higher than its intraday record of $1,221.59, following a 1.1% gain in regular trading to $1,211. The company’s class A shares have gained 15% so far this year, as the S&P 500 index has increased 4.8%.

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