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Google's Lack Of Concrete Cost Reduction Plan Is A Concerns In Near-Term, Analyst Says

  • Mizuho analyst James Lee maintained Alphabet Inc (NASDAQ: GOOGwith a Buy and lowered the price target from $140 to $135.

  • He recently received questions regarding Alphabet’s FY23 cost structure based on the company’s plan of moderated headcount growth.

  • Based on his P&L assessment, he estimates Street’s FY23E operating income could be nearly 10% too high.

  • With increased investments and cloud and AI, he models a modest FY23 headcount growth of 5%, but the average headcount is estimated to grow 12% YoY.

  • Furthermore, he anticipates dilution from Shorts monetization in FY23.

  • Therefore, the analyst expects total expense growth to outpace revenue growth by 150 bps at 10% YoY and the operating margin to be 25% vs. 27% for consensus.

  • Although positive longer term, GOOG may be volatile near-term from downward revision risks unless the company initiates a meaningful cost-reduction plan.

  • Price Action: GOOGL shares traded higher by 3.28% at $98.59 on the last check Wednesday.

Latest Ratings for GOOGL

Date

Firm

Action

From

To

Feb 2022

MKM Partners

Maintains

Buy

Feb 2022

Mizuho

Maintains

Buy

Feb 2022

Piper Sandler

Maintains

Overweight

View More Analyst Ratings for GOOGL

View the Latest Analyst Ratings

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