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Google owner Alphabet (GOOGL) +8% on strong Q4 report
Google parent Alphabet (GOOGL) jumped 8% on Wednesday after Wall Street analysts lined up to hike one-year price targets on the tech company’s impressive Q4 report.
Late on Tuesday, Alphabet posted $22.30 per share earnings and $56.9bn revenue versus the $15.90 and $53.13bn expectations.
Alphabet’s primary revenue lever, Services, thrived amid the ongoing business and customer-based pivot to online services as its revenue soared to $52.9bn.
The California-based company said that it would provide three separate reports in future quarterly updates with ‘Services’ alongside ‘Cloud’, which came in with $3.8bn in Q4, and ‘other bets’.
Analysts were bullish in new notes in midweek, hailing the strength of Google’s search platform and advertising capabilities and the enduring popularity of YouTube.
Morgan Stanley’s Brian Nowak believes that the latter is now “the most-undervalued ad platform” across all of the companies that he provides coverage on.
Nowak added $150 to a new $2,200 price target on Wednesday as he reiterated an overweight rating.
Jefferies’ Brent Thill noted that Alphabet’s cloud growth is behind Microsoft’s (MSFT), but that is countered by robust growth in the retail ad space.
Susquehanna’s Shyam Patil also went from $2,000 to a Wall Street high price target of $3,000.
Alphabet shares traded higher in the after-hours market and then spiked a further 8.14% in regular–hours trading on Wednesday for a new $2,075.33 price.
Ford Motor Co. (F) also made gains in midweek, rising 2.57% to $11.14 after it revealed that vehicle sales climbed 18.5% in January on strong demand for its F-150 Escape and Explorer hybrid models.
“January embodies the continued momentum we see for 2021, thanks to a new lineup of must-have products,” Ford VP Andrew Frick said.
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