Alphabet (GOOGL) stock is falling today as analysts update their ratings and price targets for the company following its latest earnings report. As a quick reminder, the Google parent company’s earnings were mixed with earnings per share of $2.15 alongside revenue of $96.47 billion, compared to Wall Street’s estimates of $2.13 per share and $96.68 billion.
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Analyst rating updates reflect Alphabet’s mixed earnings today. While none of the major firms downgraded GOOGL stock, plenty decreased their price targets for the tech company’s shares. Let’s break that down real quick.
Starting with five-star analysts, Wells Fargo’s Ken Gawrelski dropped GOOGL from $190 to $184, Morgan Stanley’s Brian Nowak decreased the stock from $215 to $210, J.P. Morgan’s Doug Anmuth lowered the shares from $232 to $220, and Citi’s Ronald Josey cut GOOGL stock from $232 to $229. Additionally, four-star Piper Sandler analyst Thomas Champion dropped his price target for the shares from $210 to $208. However, five-star Goldman Sachs analyst Eric Sheridan increased the shares from $215 to $220.
How This Affects GOOGL Stock Today
Alphabet investors aren’t happy with the company’s mixed earnings report. They also aren’t reacting well to the various price target drops today. This has GOOGL stock down 7.45% in pre-market trading today. That takes a major chunk out of its 9.02% increase year-to-date.
Is GOOGL Stock a Buy, Sell, or Hold?
Turning to Wall Street as a whole, the analysts’ consensus rating for Alphabet is Moderate Buy based on 22 Buy and nine Hold ratings over the last three months. With that comes an average price target of $217.22, a high of $235, and a low of $184. This represents a potential 5.25% upside for GOOGL stock. Further analyst ratings and price target updates may follow its earnings report.
