Alphabet(US:GOOGL) 智通财经网·2025-07-21 07:16Core Viewpoint - Alphabet's upcoming Q2 earnings report is anticipated to be influenced by optimistic expectations in cloud computing and digital advertising, while also facing scrutiny from an impending antitrust ruling that could impact its Chrome browser business and competition from AI search leaders [1][3][6] Group 1: Earnings Expectations - Analysts expect Alphabet to report Q2 total revenue of approximately $93.86 billion, representing a year-over-year growth of about 11% [2] - Net profit is projected to be around $26.57 billion, equating to earnings per share of $2.17, compared to $23.62 billion and $1.89 per share in the same quarter last year [2] - The average target price for Alphabet among analysts is close to $200, indicating a potential upside of about 10% from last week's closing price [1] Group 2: Cloud Computing and Digital Advertising - Jefferies analysts maintain a 12-month target price of $210, citing strong demand for enterprise-level Gemini AI applications as a driver for Google's cloud computing revenue, which is expected to grow by 26% year-over-year to $13.11 billion [2] - Digital advertising revenue is also a focal point, with expectations for Google's "Search and Other" segment to see a year-over-year increase of about 9%, reaching approximately $52.8 billion [2] Group 3: Antitrust Concerns - A critical antitrust ruling is expected next month, with the U.S. Department of Justice advocating for Google to divest its Chrome browser business due to illegal search monopoly maintenance [3] - Analysts from Cantor Fitzgerald maintain a "neutral" rating on Alphabet, adjusting their target price from $171 to $196, primarily due to the competitive position of Google's Gemini AI model [3] - Bank of America raised its target price for Google from $200 to $210, highlighting the uncertainty surrounding the antitrust ruling [3] Group 4: Market Position and Valuation - UBS expresses caution regarding Alphabet's growth prospects, particularly in the face of regulatory challenges and competition from AI-driven search innovations [4] - Alphabet's valuation is relatively low compared to other tech giants, suggesting that meeting earnings expectations could lead to significant stock price increases [5][6] - The company is noted as the only major tech firm with a price-to-earnings ratio below the S&P 500 average, which is currently at 22.35x [6]