US Stock Market Move | Alphabet Inc. Class C (GOOGL.US) rose nearly 2%. Bank of America Securities predicts fourth-quarter revenue to reach $93.8 billion and has raised the target price to $280.

On Wednesday, Alphabet Inc. Class C (GOOGL.US) rose nearly 2% to $255.29 per share. On the news front, Alphabet Inc. Class C is set to announce its third-quarter earnings on October 29. Bank of America Securities expects third-quarter revenue and earnings per share to be $86 billion and $2.17 respectively. Comparing the performance with Meta and Microsoft Corporation reporting on the same day, as well as management's outlook for the fourth quarter, will drive short-term stock performance. The bank expects fourth-quarter revenue and earnings per share for the company to be $93.8 billion and $2.59 respectively, both higher than market expectations. The market is also expected to raise its fourth-quarter forecasts following better-than-expected third-quarter performance. The price target for Alphabet has been raised from $252 to $280, reaffirming a "buy" rating. Bank of America Corp predicts positive trends in artificial intelligence implementation and cloud demand. Alphabet Inc. Class C is expected to achieve strong search results for another quarter (as well as stable growth in paid clicks), while potentially mitigating the risks posed by artificial intelligence further due to macroeconomic factors, and aiding the expansion of multiple businesses. Additionally, management is expected to highlight the strong momentum of Gemini in the recent period. In terms of cloud business, recent deals may contribute to the growth of backlog orders, and Bank of America remains optimistic about the increasing value contribution in this area.