Alphabet Inc. (NASDAQ:GOOGL) reported weaker-than-expected earnings results for its third quarter after the closing bell on Tuesday.
YouTube and Network revenue were down on a year-over-year basis, bringing overall Google Ad revenue to $54.48 billion, up from last year’s $53.13 billion.
Alphabet shares dropped 6.4% to $97.80 in pre-market trading.
These analysts made changes to their price targets on Alphabet after the company released quarterly results.
- Keybanc cut price target on Alphabet from $120 to $118. Keybanc analyst Justin Patterson maintained an Overweight rating on the stock.
- Piper Sandler lowered Alphabet price target from $135 to $122. Piper Sandler analyst Thomas Champion maintained an Overweight rating on the stock.
- Bernstein cut Alphabet price target from $130 to $120. Bernstein analyst Mark Shmulik maintained the stock with an Outperform.
- Credit Suisse lowered the price target on the stock from $134 to $128. Credit Suisse analyst Stephen Ju maintained the stock with an Outperform.
- Citigroup slashed Alphabet price target from $140 to $120. Citigroup analyst Ronald Josey maintained a Buy rating on the stock.
- JP Morgan cut Alphabet’s price target from $136 to $115. JP Morgan analyst Doug Anmuth maintained the stock with an Overweight.
- RBC Capital reduced price target on Alphabet from $135 to $130. RBC Capital analyst Brad Erickson maintained the stock with an Outperform.
- Mizuho cut Alphabet’s price target from $150 to $140. Mizuho analyst James Lee maintained the stock with a Buy rating.
- Raymond James reduced Alphabet price target from $143 to $120. Raymond James analyst Aaron Kessler maintained an Outperform rating on the stock.
- JMP Securities lowered price target on the stock from $160 to $145. JMP Securities analyst Andrew Boone maintained Alphabet with a Market Outperform.
- Rosenblatt cut the price target on the stock from $156 to $130. Rosenblatt analyst Barton Crockett maintained Alphabet with a Buy.
- Truist Securities lowered Alphabet’s price target from $136 to $130. Truist Securities analyst Youssef Squali maintained a Buy rating on the stock.
- Cowen & Co. reduced Alphabet price target from $150 to $135. Cowen & Co. analyst John Blackledge maintained the stock with an Outperform.
- Deutsche Bank cut the price target on the stock from $130 to $120. Deutsche Bank analyst Benjamin Black maintained Alphabet with a Buy.
- Wells Fargo lowered Alphabet’s price target from $160 to $145. Wells Fargo analyst Brian Fitzgerald maintained an Overweight rating on the stock.
- Oppenheimer reduced Alphabet’s price target from $155 to $135. Oppenheimer analyst Jason Helfstein maintained the stock with an Outperform.
- Susquehanna reduced Alphabet price target from $150 to $120. Susquehanna analyst Shyam Patil maintained the stock with a Positive.
