Alphabet's stock on track for worst day on record as Google revenue growth slows
Alphabet Inc. shares on Tuesday were headed for their worst day since the Berkshire Hathaway-but-in-Silicon Valley corporate structure was created in 2015, after Google’s revenue growth declined in its first-quarter earnings report.
Alphabet executives gave little information on why revenue decelerated at the start of the year, leaving analysts to guess at the cause and grouse about the lack of disclosure in notes with titles like “Google bricks the Q1 layup” and “Something happened on the way to heaven.” One analyst, Stifel’s Scott Devitt, downgraded the stock in response to the earnings, while at least 13 reduced their price targets, according to FactSet.
JP Morgan analysts, led by Doug Anmuth, maintained an overweight rating and $1,310 price target on Alphabet, but wrote that “we believe frustration around Alphabet’s lack of transparency will only increase” and said that it prefers Facebook Inc. FB, -0.32% Amazon.com Inc. AMZN, -0.70% and Netflix Inc. NFLX, +0.19% among the prominent tech names right now.
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