Alphabet Stock Is Sliding: What's Going On?
Portfolio Pulse from Adam Eckert
Alphabet Inc's shares are trading lower despite reporting an 11% YoY increase in Q3 revenue to $76.69 billion, beating consensus estimates. The company also reported earnings of $1.55 per share, surpassing analyst estimates. However, the weaker than expected performance of the Google Cloud segment is causing selling pressure. Keybanc analyst Justin Patterson maintained an Overweight rating for Alphabet but lowered the price target from $155 to $153.
October 25, 2023 | 12:51 pm
News sentiment analysis
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NEGATIVE IMPACT
Alphabet's Q3 results beat estimates but the stock is trading lower due to weaker than expected Google Cloud performance. Keybanc analyst maintains Overweight rating but lowers price target.
Alphabet's Q3 results exceeded expectations, which would typically drive the stock price up. However, the weaker than expected performance of the Google Cloud segment is causing selling pressure on the stock. Additionally, the lowered price target by Keybanc analyst could also be contributing to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet's Q3 results beat estimates but the stock is trading lower due to weaker than expected Google Cloud performance. Keybanc analyst maintains Overweight rating but lowers price target.
Alphabet's Q3 results exceeded expectations, which would typically drive the stock price up. However, the weaker than expected performance of the Google Cloud segment is causing selling pressure on the stock. Additionally, the lowered price target by Keybanc analyst could also be contributing to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100