Last week, two of the giants of the tech world delivered big earnings beats, and several Wall Street firms took notice. Amazon.com, Inc. (NASDAQ: AMZN) reported Q2 EPS of $1.78 on revenue of $30.4 billion, topping consensus analyst expectations of $1.11 and $29.5 billion.
Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) reported EPS of $8.42 on revenue of $17.52 billion, besting expectations of $8.07 and $16.88 billion.
Both stocks have had a positive reaction to the news, although Amazon’s modest post-earnings gains could be due more to the stock’s huge 147.2 percent run in the past year. Alphabet’s stock is up 38.1 percent in that time.
A number of analysts raise their price targets for the two stocks following Q2 earnings. Analysts set higher price targets for Alphabet at CLSA ($990), Credit Suisse ($940) and JMP Securities ($928). Deutsche Bank actually lowered its aggressive price target for Alphabet from $1,100 to $1,050, but it remains the highest of the group.
Amazon received higher price targets from Sun Trust ($800), Citigroup ($870), UBS ($900), JMP Securities ($840) Pacific Crest ($847) and CLSA ($890).
Alphabet's average price target among these firms is $977, implying roughly 21.5 percent upside for the stock. Amazon’s average price target is $857, implying more modest 12 percent upside.
Both stocks opened Monday’s session up less than 1 percent.
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