Alphabet Analysts Raise Their Forecasts After Upbeat Q2 Earnings

Alphabet Inc. GOOGL reported better-than-expected second-quarter results.

Alphabet said second-quarter revenue increased 7% year-over-year to $74.604 billion, which beat the consensus estimate of $65.42 billion. The company reported quarterly earnings of $1.44 per share, which beat analyst estimates of $1.20 per share.

Alphabet shares jumped 6.5% to $130.10 in pre-market trading.

These analysts made changes to their price targets on Alphabet following earnings announcement.

• Needham raised the price target on Alphabet from $115 to $140. Needham analyst Laura Martin maintained a Buy rating.
• Keybanc boosted the price target on Alphabet from $140 to $145. Keybanc analyst Justin Patterson maintained an Overweight rating.
• Rosenblatt raised the price target from $132 to $163. Rosenblatt analyst Barton Crockett maintained Alphabet with a Buy rating.

Check This Out: Coca-Cola, Microsoft And 3 Stocks To Watch Heading Into Wednesday