PhillipCapital analyst Jonathan Woo has kept his “buy” rating on Alphabet Inc. with an unchanged target price of US$3,493 ($4.844) despite its earnings miss.
Alphabet Inc. is an American multinational technology conglomerate holding company headquartered in Mountain View, California, and the parent company of Google and several former Google subsidiaries.
The company’s PATMI for the 1QFY2022 ended March fell 8.3% y-o-y to US$16.4 billion, which stood at 18% of Woo’s full-year forecasts. The missed estimates were attributable to an unrealized US$1.2 billion loss of equity investments. Google posted an earnings per share (EPS) of US$24.62, missing consensus estimates of US$25.91.