Bank of America analysts expect Alphabet Inc (NASDAQ:GOOG) to report another quarter of stable Search growth plus strong Cloud backlog growth, which could reinforce investor confidence in the company’s AI execution.
In a note to clients, the analysts increased their price objective on Alphabet to $280 per share, while reiterating their ‘Buy’ rating on the stock.
They expect the company to issue a positive tone on its Gemini traction and anticipate better than expected Search results for its third quarter.
The analysts also raised their fourth quarter advertising revenue estimates for Alphabet and anticipate a Q3 ad revenue beat on Wednesday aftermarket.
Alphabet Class A shares were up 1.5% at $271.53 in Wednesday afternoon trading.