Alphabet Stock Lags Broader Markets Despite Strong Earnings Outlook
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Alphabet Inc. (GOOG) stock closed lower while broader markets rose. The stock has lagged the S&P 500 over the past month.
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Alphabet is expected to report strong earnings growth in its next quarterly report. Revenue is also projected to rise nearly 12%.
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Full year earnings and revenue estimates indicate over 25% earnings growth and close to 9% revenue growth.
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Recent positive estimate revisions for Alphabet signal analyst optimism and could translate into stock price gains.
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Alphabet currently has a Zacks Rank of #3 (Hold) and trades at a lower forward P/E ratio than its industry average.