Company Update (NASDAQ:GOOG): Google Taps IBM, Rackspace to Dent Intel’s Hold on Server Chips

[at Bloomberg] – Google has technology to easily switch away from Intel Corp. server chips and is helping other companies do the same, a potentially worrying development for the dominant provider of processors that power … Read more on this. Alphabet Inc. (GOOG) , with a current market cap of $513.27B, started the session at $736.02. Looking at the equity, the company’s one day range is $735.56 to $746.24 with a trailing 52-week range being $515.18 to $789.87. Priced at 21.31x this year’s forecasted earnings, GOOG shares are relatively expensive compared to the industry’s 17.35x forward p/e ratio. In a review of the consensus earnings estimate this quarter, 37 sell-side analysts are looking at $7.94 per share, which would be $1.06 better than the year-ago quarter and a $0.14 sequential increase. The full-year EPS estimate is $34.62 which would be a $5.04 improvement than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.32 Billion. If reported, that would be a 17.73% increase over the year-ago quarter. In terms of ratings, Goldman upgraded GOOG from Neutral to Buy (Aug 26, 2015). Previously, Atlantic Equities upgraded GOOG from Neutral to Overweight. The average price target for GOOG shares by the analysts covering the stock is $930.08, which is 26.37% above where the stock opened this morning. See more in (NASDAQ:GOOG) Similar Articles: Company Update (NYSE:IBM): Google Taps IBM, Rackspace to Dent Intel’s Hold on Server Chips Company Update: Google Inc (NASDAQ:GOOG) – Google’s Project Loon: Will History Repeat Itself? Market Update: Google Inc (NASDAQ:GOOG) – Google Express vs. Amazon Prime Now (GOOG, AMZN)