Citi Raises Alphabet Earnings Forecast, Anticipates Strong Q1 Results in April
Deep News03:11
Citi has increased its earnings projections for Alphabet and expects the technology company to report impressive first-quarter financial results in April. The firm reaffirmed its buy rating on the stock and raised the price target for Alphabet from $390 to $405, indicating a potential 26% upside from Monday's closing price. Analyst Ronald Josey noted that demand for Google Cloud and robust online advertising data suggest the company is "likely to exceed market consensus expectations for both revenue and earnings." The analyst anticipates Alphabet will report revenue of $108 billion, compared to the $106.8 billion consensus estimate from analysts surveyed by FactSet.
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