Bank of America has issued an analyst note setting expectations for Alphabet’s (GOOGL: NSD) stock price ahead of the company’s first-quarter 2024 earnings report.
Recent Developments for Alphabet:
The details of Bank of America’s expectations are not publicly available, but the news has spurred discussion among analysts as to what this might mean for Alphabet’s stock price. Alphabet is scheduled to release its Q1 earnings report on April 25th.
Although the recent layoffs and insider selling might cast a shadow, it’s essential to remember that these are often routine shifts within companies of Alphabet’s size and stature.
Stock Target Advisor’s Analysis on Alphabet Stock:
Stock Target Advisor has shared its analysis of Alphabet with the public. Reflecting a somewhat bullish sentiment, the company has rated the stock as a “Buy.” The target price, according to STA, is $161.11, which represents a projected price change of 3.27% upwards. This target price is just below the average target price of $163.88 forecasted by all analysts. It’s worth noting that the average analyst rating points to a “strong buy” recommendation.
Based on past performance, Alphabet’s stock has shown moderate volatility with a beta of 1.04. Furthermore, the stock has the attention of the analyst community with a total count of covering analysts reaching 26. Notably, the max average target price and min average target price stand at $185 and $129 respectively.
Conclusion:
Will Bank of America’s expectations boost or dampen investor sentiment? Only time will tell, but one thing is certain: all eyes will be on Alphabet as it prepares to release its Q1 earnings.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
