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2021-07-28

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Here’s what every major analyst said about Google-parent Alphabet’s earnings report

Google-parent Alphabet’s second-quarter earnings report impressed Wall Street analysts, who hiked pr

Here’s what every major analyst said about Google-parent Alphabet’s earnings report

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The company reported ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/28/every-major-analyst-reacts-to-google-parent-alphabets-earnings-report.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s what every major analyst said about Google-parent Alphabet’s earnings report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s what every major analyst said about Google-parent Alphabet’s earnings report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-28 23:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/28/every-major-analyst-reacts-to-google-parent-alphabets-earnings-report.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Google-parent Alphabet’s second-quarter earnings report impressed Wall Street analysts, who hiked price targets on the tech stock across the board.\nAlphabet crushed expectations. The company reported ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/28/every-major-analyst-reacts-to-google-parent-alphabets-earnings-report.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.cnbc.com/2021/07/28/every-major-analyst-reacts-to-google-parent-alphabets-earnings-report.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1190150353","content_text":"Google-parent Alphabet’s second-quarter earnings report impressed Wall Street analysts, who hiked price targets on the tech stock across the board.\nAlphabet crushed expectations. The company reported earnings of $27.26 per share on revenue of $61.88 billion. Analysts were looking for earnings of $19.34 per share on revenue of $56.16 billion, according to Refinitiv.\nTotal Google advertising revenue rose 69% from last year, driven by retail. YouTube revenue grew 83% from the prior year to over $7 billion, approaching Netflix’s quarterly revenue of $7.34 billion.\nThe third quarter could bring “more muted tailwind to revenues,” according to Alphabet chief financial officer Ruth Porat. With Covid cases growing, Porat said it’s too early to forecast longer-term trends as the economy reopens.\nAnalysts believe the broader trend of online commerce should stick around even as the pandemic subsists. That digital shift should prove fruitful for Google’s digital advertising.\n“We continue to believe there is further upside as Search & YouTube are well-positioned to support an increasingly digital economy,” JPMorgans Doug Anmuth said.\nAnalysts also pointed to improvement in Google’s cloud business as a sign of further room for growth.\n“As the company continues to invest in strategic growth initiates, including AI, machine learning and cloud infrastructure, we expect revenue momentum will continue into [the third quarter] driven by a combination of improving advertiser demand, secular shift to streaming and continued strength from Cloud,” Guggenheim’s Michael Morris said.\nAlphabet’s stock opened higher at the start of Wednesday’s session. Here’s what analysts said about Alphabet earnings:\nJPMorgan — Overweight, price target to $3,250 from $2638\n\n “Alphabet remains one of our top picks as key components of the bull thesis continued to play out in 2Q including ad recovery, margin upside, Cloud profit improvement, & greater capital returns. We continue to believe there is further upside as Search & YouTube are well-positioned to support an increasingly digital economy. We expect overall [operating income] margins to compress a bit in 2H21 as GOOGL brings back more variable costs, but [management’s] tone here was less cautionary than expected & even as the company will invest for future growth, we believe it has likely gained some cost efficiencies coming out of COVID-19.”\n\nWells Fargo — Overweight, price target to $3,100 from $2,850\n\n “GOOGL appears to be participating rather fully in the 2Q digital ad market recovery, which is in turn significantly outperforming the strengthening macro backdrop. However, a somewhat muted AH rally, +3%, suggests: 1) investors expected dramatic 2Q outperformance, and 2) investors may question the sustainability of rebounding fundamentals or view GOOGL as overearning. While we still see some challenges ahead (regulatory scrutiny, rise of super-aggregator apps), we believe GOOGL will exit the pandemic mostly stronger than it entered, particularly given its heightened profile in retail.”\n\nCiti — Neutral, price target to $2,638 from $2,415\n\n “Alphabet reported 2Q21 revenue 10% above consensus and Citi estimates. Along with the top-line beat, the company posted impressive margins well ahead of consensus. While we believe the beat was largely expected, given the strong results by TWTR and SNAP last week, we believe today’s results still topped buy side expectations. Given the strong beat, we expect shares to react positively tomorrow.”\n\nBarclays — Overweight, price target to $3,200 from $3,000\n\n “Digital advertising is proving to be very resilient in this economic cycle, and the growth rates across the space, including at Google and YouTube, are staggering owing to share shift and easy comps - some of the highest figures we may ever see. Google’s auction based system picking up categories that are strong, while overall activity is elevated for both consumers and marketers.”\n\nBank of America — Buy, price target to $3,150 from $2,755\n\n “New disclosures showed cloud lost $5.5bn in ’20, which helps explain several years of gross and operating margin pressure. While a depreciation [accounting] change aided margins, Cloud is showing significant leverage now at 66% incremental q/q operating margins (revs. up $580mn, expenses up $200mn). We think Cloud can breakeven in 2Q next year, and generate $3.5bn in profit in 2023, driving $9bn 3-year improvement in op. profit.”\n\nMorgan Stanley — Overweight, price target to $3,000 from $2,575\n\n “As we have written, we see short form video as the next key online engagement trend platforms need to drive/capitalize on. YouTube is fully doing this as daily views on YouTube Shorts increased from 3.5bn in 4Q:20 to 6.5bn/15bn in 1Q:21/2Q:21 as the offering scales globally. We see this surging form of un-monetized engagement as a key incremental driver long-term revenue growth.”\n\nUBS — Buy, price target to $3,190 from $2,600\n\n “We come away from the 2Q21 print net positive – while GOOG’s digital ad business clearly benefited from a strong ad backdrop, both brand & [direct response], we still see ample room for advertisers to continue to diversify their spend across GOOG properties as digital ad spend continues to play catch up to the pandemic driven increase in ecommerce penetration.”\n\nWedbush — Outperform, price target to $3,424 from $2,638\n\n “Alphabet reported another stellar quarter with strong beats in revenue and margins, showing the ad market is accelerating beyond a rebound, and Cloud is continuing to accelerate. Management noted elevated consumer activity online and broad-based strength in advertiser spend that should continue to be tailwinds for its business. A little unbelievably, Google is reinventing itself in online search, and is increasingly becoming a critical component of online commerce, pushing back on views that it has ceded ground to Amazon in ecommerce/retail advertising. Meanwhile, it continues to outperform in Cloud and take share in the market.”\n\nBMO Capital Markets — Outperform, price target to $3,000 from $2,638\n\n “The outperformance of search/DR revenue is driving a step change in Google Services OI margins this year. We assume they ease back off in 2022 as normal operating costs fully return; we bake in more investments (especially at YouTube), but we are still well above 2019 levels. GOOGL’s own risk disclosures remind investors margins should decline over time, and we do not yet see why that should change; but at the very least, a higher perch from which to glide appears to have been set.”\n\nMizuho — Buy, price target to $3,000 from $2,638\n\n “Website revenue growth came in 20 points ahead of expectations at 71% YoY, with search accelerating nearly 40 points and YouTube by 35 points. This outperformance was mainly due to strong demand from Omni-channel, mix shift from TV, and travel. Cloud grew 54% YoY, beating expectations by 10 points due to increased demand for BigQuery, Cybersecurity, and Network upgrades.”\n\nKeyBanc — Overweight, price target to $2,681 from $2,638\n\n “2Q results reinforced our thesis around major ad platforms, re: a global economic recovery would drive robust demand for digital ads. This trend has proven particularly powerful within the Google segment, where reach and ROI led to outsized revenue growth at Search (+68% y/y) and YouTube (+84% y/y). While we expect EPS growth dampens in 2022E from reinvestment, we are increasingly comfortable that mid/high-teens revenue growth is sustainable”\n\nCredit Suisse — Outperform, price target to $2,638 from $3,350\n\n “Google’s 2Q21 results in our view offered incremental/stronger signals of what we believe is a crucial thematic consequence of the pandemic, which is an increased urgency among retailers/merchants to conduct more of their business online, particularly among SMBs which have lagged in their e-commerce transition. And the higher-than-expected ad revenue result is due to not only Google’s earlier moves to democratize online advertising with simplified AI tools, but also from the onboarding of more merchant supply last year with the release of free listings for Shopping.”\n\nMKM Partners — Buy, price target to $3,150 from $2,500\n\n “Advertising revenue growth accelerated (again) while operating margins increased (again). Google Cloud demonstrated improving margins and lower cash burn, however, likely helped by server life accounting change. Google now plans to buyback both GOOG (Class A) and GOOGL (Class C) shares going forward. Alphabet remains well-positioned to benefit from macro re-opening/mass vaccinations in 2021. Google’s ad business should continue to strengthen as ‘COVID weak spots’ continue to rebound globally (travel, offline retail, restaurants, and entertainment).”\n\nJefferies — Buy, price target to $3,150 from $2,950\n\n “GOOGL delivered its 3rd consecutive [quarter] of big $4B+ [revenue] beat and >30% [operating margin] (off net [revenue]). Yet, the shift in ad dollars to Google Search and YouTube has “a lot of headroom” left, and we see more momentum in 2H. Valuation remains attractive”\n\nGuggenheim — Buy, price target to $3,140 from $2,850\n\n “As the company continues to invest in strategic growth initiates, including AI, machine learning and cloud infrastructure, we expect revenue momentum will continue into 3Q (+34% y/y) driven by a combination of improving advertiser demand, secular shift to streaming and continued strength from Cloud.”\n\nPiper Sandler — Overweight, price target to $3,034 from $2,635\n\n “Search revenue of $35.8BN (+68% y/y) beat PSC estimates by 11%. The result was driven by elevated online activity, broad-based advertiser strength and weaker y/y comps. Retail was the largest contributor to growth, followed by travel, financial services and entertainment. CEO Pichai noted Search improvements harnessing AI via multi-task unified models, able to learn and transfer knowledge across 75 languages.”\n\nStifel — Buy, price target to $3,000 from $2,700\n\n “Quarterly results benefited from favorable compares (lapping the low point of pandemic-driven declines) as well as elevated levels of online activity by consumers and ongoing tailwinds in the broader digital advertising industry. Alphabet continues to capture incremental online share shift within this environment of elevated activity.”\n\nBaird — Outperform, price target to $3,100 from $2,700\n\n “Alphabet remains a top mega-cap pick after reporting strong Q2 results, even better than some of our intra-quarter checks, with positive momentum across multiple verticals of search (e.g., Retail/Travel), positive momentum for YouTube coinciding with a more pronounced shift from linear TV and an inflection point in usage during the pandemic, and accelerating growth for Google Cloud, now benefiting from strength in cyber-security.”\n\nNeedham — Buy, price target to $3,200 from $2,638\n\n “We raise our GOOGL estimates and PT based on advertising strength (driven by YouTube), profit margin upside, and continuing cyclical improvement offshore post-COVID. We calculate that YouTube would add 45% to GOOGL’s share price if separately traded.”\n\nBernstein — Outperform, price target to $3,200 from $3,000\n\n “Google remains one of the most crowded names in Internet, and another A+ print should do little to change sentiment. Big number beats everywhere we look led by YouTube (+84%) and Search (+68%), while the 31% operating margins had the company delivering four consecutive quarters of margin expansion of 1400bps.”\n\nTruist — Buy, price target to $3,100 from $2,800\n\n “Strong execution and sustained momentum, esp. in Retail benefited all ad product lines (Search, YT, Network), while changing consumer/biz habits benefited Cloud and Other. As impressive were the margins at a 3-yr high. The macro picture remains hazy and 2H21 growth comps will get tougher, yet we view GOOGL as the best play on the reopening and one of the best [long-term] growth compounders.”\n\nJMP — Outperform, price target to $3,100 from $2,638\n\n “Key here, in our view, is that the trends driving Google’s 2Q results should continue as consumer behavior is now permanently more digital post pandemic creating lasting growth opportunities across retail, Omnichannel, video, and most every major vertical. Case in point on media and video, YouTube offers a 70% extension in reach for TV ad campaigns as more of the ~$150+ billion global TV ad market increasingly shifts online.”\n\nAtlantic Equities — Overweight, price target to $3,100 from $2,800\n\n “Q2 revs / op profit were well ahead as advertising continued to enjoy elevated growth, cloud revenue accelerated and cloud losses narrowed materially. Comps get tougher from here, but Alphabet should continue to benefit from the macro strength, the clear accelerated shift of ad dollars online and the continued migration of enterprise IT spending to the cloud.”\n\nCanaccord Genuity — Buy, price target to $3,100 from $2,800\n\n “Revenue growth will likely slow in 2H21 as Google begins to face more difficult comps, particularly for the advertising business. However, the shift of ad budgets from traditional to digital channels continues at a healthy pace, which, combined with Google’s multi-year platform investments as well as ongoing efforts to improve the commerce experience across its ecosystem, should support growth above prior expectations. We continue to favor Google as a core large cap holding given these growth and profitability dynamics along with a reasonable valuation.”\n\nSusquehanna Financial Group — Positive, price target to $3,600 from $3,100\n\n “2Q was another beat across the board, with Search and YouTube putting up massive performances. Although the comps will be more difficult in the 2H, we don’t see any reason why the strong execution shouldn’t continue. We continue to remain positive on: 1) the secular ad growth story driven by mobile search and YouTube, 2) the Cloud ramp, 3) generally better expense management, and 4) a more shareholder-friendly capital allocation approach.”","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":1881,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Here’s what every major analyst said about Google-parent Alphabet’s earnings report

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