Market Update: Google Inc (NASDAQ:GOOG) – Google Plans Self-Driving Car Development Center Near Detroit

[at Bloomberg] – Google, following its first deal earlier this month with a major automaker on self-driving cars, plans to open a development center for the technology in the home of the U.S. auto industry. Read more on this. Alphabet Inc. (GOOG) , valued at $498.34B, opened this morning at $720.76. Looking at the stock, its one day range is $719.70 to $727.51 and has traded between $515.18 and $789.87 over the past year. Google (GOOG) shares are currently priced at 21.43x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 7.34x earnings multiple for the same period. According to a consensus of 37 analysts, the earnings estimate of $8.06 per share would be $1.07 better than the year-ago quarter and a $0.13 sequential decrease. The full-year EPS estimate is $33.60, which would be a $4.02 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.75 Billion. If reported, that would be a 17.03% increase over the year-ago quarter. In terms of ratings, Pivotal Research Group upgraded GOOG from Hold to Buy (Apr 11, 2016). Previously, Goldman upgraded GOOG from Neutral to Buy. With the above information in mind, readers should note that the average price target is $924.83, which is 28.31% above where the stock opened this morning. See more in (NASDAQ:GOOG) Similar Articles: Market Update (NASDAQ:GOOG): Fiat Chrysler says self-driving car deal with Google not exclusive Market Update: Google Inc (NASDAQ:GOOG) – Google expanding self-driving vehicle testing to Phoenix, Arizona Company Update: Google Inc (NASDAQ:GOOG) – U.S. auto safety agency seeking details of Google self-driving crash