Investing requires dedication and knowledge to achieve success, regardless of your investment strategy. Whether you focus on growth, value, income, or momentum, building a successful investment portfolio takes skill and hard work.
Alphabet, the parent company of Google, was recently upgraded to a #1 (Strong Buy) ranking on April 30, 2024. The Zacks Rank is a unique stock-rating model that highlights earnings estimate trends and helps investors identify stocks that are highly sought after by institutional investors.
Alphabet is known for its innovation and diverse range of services beyond its core search engine business. The company has expanded into cloud computing, ad-based video and music streaming, autonomous vehicles, healthcare, and more. Google’s dominance in the online search market, with over 94% market share, has contributed to its success. Earnings estimates for Alphabet have been revised higher by 15 analysts in the past 60 days, leading to a higher Zacks Consensus Estimate of $7.49 per share.
With projected earnings growth of 29.1% and revenue growth of 15% for the current fiscal year, Alphabet has been outperforming the market in recent weeks. The stock has risen by 6.9% compared to the S&P 500’s loss of 2.5%, showing strong market momentum.
Alphabet’s #1 (Strong Buy) ranking, positive earnings estimate revisions, and market momentum make it a compelling stock for investors looking to build a successful portfolio. Consider adding Alphabet to your investment portfolio to potentially achieve your financial goals
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