Published: Wed, May 24, 2017
Life&Culture | By Rose Hansen

Morgan Stanley: Alphabet could be sitting on a new $70 billion business

Morgan Stanley: Alphabet could be sitting on a new $70 billion business

Pekin Singer Strauss Asset Management IL's holdings in Alphabet were worth $5,202,000 as of its most recent SEC filing.

A number of other research analysts also recently issued reports on the company. Beese Fulmer Investment Management Inc. boosted its stake in shares of Alphabet by 1.3% in the third quarter. Vanguard Group Inc. raised its stake in shares of Alphabet by 3.6% in the first quarter. A spinoff also brings in new shareholders who might be more interested in investing directly in self-driving technology as opposed to buying shares of a large company like Alphabet. Ltd. increased its position in shares of Alphabet by 1,116.6% in the fourth quarter. Shepherd Financial Partners LLC bought a new position in shares of Alphabet during the fourth quarter valued at about $3,291,000. BlackRock Fund Advisors now owns 3,883,226 shares of the information services provider's stock worth $3,018,393,000 after buying an additional 117,242 shares during the period.

Alphabet Inc (NASDAQ:GOOGL) traded up 0.4616% during mid-day trading on Tuesday, hitting $968.5205. Alphabet Inc has a 1-year low of $663.28 and a 1-year high of $951.47. The company's self-driving segment could one day be worth $70 billion on its own - placing it ahead of Tesla in market cap and immediately making it a magnet for specialized talent. The company has a 50 day moving average price of $883.31 and a 200-day moving average price of $823.46.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, beating analysts' consensus estimates of $7.24 by $0.49. The business had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $24.18 billion. Alphabet had a net margin of 21.58% and a return on equity of 14.85%. During the same period previous year, the business earned $7.50 EPS. On average, equities research analysts predict that Alphabet Inc will post $33.88 earnings per share for the current year.

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Several analysts have weighed in on GOOG shares. Deutsche Bank AG restated a "buy" rating and issued a $1,250.00 price target on shares of Alphabet in a research report on Monday. Finally, Goldman Sachs Group Inc restated a buy rating on shares of Alphabet in a research note on Thursday, January 5th. They set an "overweight" rating and a $1,065.00 target price for the company. Finally, JMP Securities restated a "buy" rating on shares of Alphabet in a research report on Friday, January 27th.

One of Alphabet's "other bets", a category that has yet to add much to Google's parent company, could be worth $70 billion.

Morgan Stanley gave Alphabet a target price of about $1,050, a 9% upside from its Monday closing price. Morgan Stanley last week downgraded Tesla to hold on views that well-capitalized companies like Google and Apple (AAPL) could be formidable rivals in autonomous vehicles.

Nowak sees Alphabet's autonomous driving arm as the most likely business under the company's "Other Bets" division to be spun off from the Google parent. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives. "One could argue that even in the event Waymo's cars are an order of magnitude safer than today's human driven cars, GOOGL may not want to test the US court system for the precedent".

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