Alphabet’s $420 Analyst Targets Predate Oct. 12 Market Item

Alphabet’s $420 12-month price targets from Cantor Fitzgerald and HSBC were set months before the Oct. 12 report, making them previously issued analyst views rather than new developments that day.

Cantor Fitzgerald analyst Deepak Mathivanan lowered his target for Alphabet to $420 from $435 on July 23 while maintaining an Overweight rating. HSBC analyst Paul Rossington made the same reduction June 2 while keeping a Buy rating.

Alphabet Class A shares closed at $353.39 on Oct. 12. The $420 targets were therefore 18.8% above the closing price.

Alphabet’s second-quarter results included revenue growth of 24% year over year and Google Cloud revenue growth of 82%. Alphabet CEO Sundar Pichai said, “Q2 was an amazing quarter, with Alphabet revenues growing 24% year-over-year and Google Cloud revenues accelerating to 82% growth.”

Google Cloud accounted for $513.9 billion of Alphabet’s $519.5 billion in remaining performance obligations as of June 30. The figures provide context for the scale of its cloud business.

The two targets reflect analyst estimates over a 12-month horizon, not guarantees of future performance. Both analyst updates occurred before the Oct. 12 report.