After Morgan Stanley and Robert W. Baird gave Alphabet Inc (NASDAQ: GOOGL) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jason Helfstein maintained a Buy rating on Alphabet Inc (NASDAQ: GOOGL) today and set a price target of $1350. The company’s shares opened today at $1208.53, close to its 52-week high of $1221.59.
Helfstein observed:
“We expect Alphabet to report generally in-line 2Q:18 results, with focus shifting to European regulation. Fundamentally, the big question is potential GDPR-related disruption to the network business; we are not expecting a material impact as we believe advertisers shifted spend toward Adx, away from other exchanges, to avoid non-compliance, offsetting total industry volume disruptions. We expect the company to spend time on the earnings call responding forcefully to the recent European anti- trust enforcement action on its Android platform. While we don’t see the $5B fine as meaningful, the potential for a 5% of global revenue penalty as well as material changes to the Android platform business model clearly are. Specifically, we are concerned with the precedent that appears to be set for platform-level neutrality.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 21.0% and a 69.1% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and IAC/InterActiveCorp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Alphabet Inc with a $1266.82 average price target, a 4.8% upside from current levels. In a report issued on July 11, Nomura also initiated coverage with a Buy rating on the stock.
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Based on Alphabet Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $31.39 billion and net profit of $9.4 billion. In comparison, last year the company earned revenue of $26.01 billion and had a net profit of $3.52 billion.
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