Alphabet Inc. (NASDAQ: GOOGL) may have been underperforming the broader market and its technology behemoth related companies ahead of its second quarter earnings report, but its earnings report sent the shares flying on Friday after strong after-hours and pre-market trading sessions following that report.
The internet and technology giant reported adjusted diluted earnings per share (EPS) of $14.21 on revenues of $38.94 billion. In the year-ago quarter, Alphabet posted adjusted EPS of $11.75 on revenues of $32.66 billion. Analysts were expecting EPS of $11.30 on revenues of $38.15 billion.
Its Google segment reported that second-quarter revenues rose to $38.78 billion, up from $32.51 billion a year ago. Operating income rose from $8.96 billion to $10.39 billion. The operating loss on Other Bets totaled $989 million, up from $732 million in the year-ago quarter.
With shares having been cautious ahead of the report, Friday’s gain after almost 30 minutes of trading was 10.6% to $1,257.50.
24/7 Wall St. tracks dozens of analyst calls each day of the week, and the analyst brigade was issuing many upgrades on their price targets after the report.
Alphabet was reiterated as Buy with a target hike to $1350 from $1250 at Canaccord Genuity.
Morgan Stanley reiterated its Overweight rating and raised its target to $1450 from $1400.
Citigroup reiterated its Buy rating and raised its target to $1450 from $1325.
Credit Suisse reiterated its Outperform rating and raised its target to $1500 from $1400.
Nomura/Instinet reiterated its Buy rating and raised its target to $1400 from $1300.
KeyBanc Capital Markets reiterated its Overweight and the target was raised to $1500 from $1430.
Mizuho reiterated its Buy rating and raised its target to $1400 from $1350.
Wedbush Securities reiterated its Outperform rating and raised its target to $1500 from $1350.
Alphabet shares have a 52-week range of $977.66 to $1,296.97 and its consensus analyst price target from Refinitiv ahead of earnings was $1,337.32.