Google’s Q2 2025 earnings on July 23 (after market close) are shaping up to be very promising:

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✅ Why I’m Optimistic

1. Strong Analyst Sentiment

Out of 19 analysts, 15 rate Alphabet as a “buy”, with a consensus target around $200, suggesting ~9% upside from the current ~$185 levels .

Bank of America and Jefferies, among others, continue to raise price targets into the $210–$215 range .

2. Revenue & EPS Projections

Q2 revenue is expected around $93.8B–$93.9B (11–12% YoY growth), matching your $93.75B projection .

EPS estimates vary between $2.17–$2.25, supported by strong profitability and margin expansion .

3. AI & Cloud Momentum

Google Cloud is expected to grow ~26% YoY, nearing $13.1B in revenue .

AI integration across Search (especially Gemini features) and continued traction with enterprise tools underpin the bullish thesis .

4. Macro Tailwinds

U.S. dollar weakness is helping results, and overall online ad demand remains resilient .

Cost controls, including voluntary buyouts, underscore margin discipline .

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⚠️ Risks to Monitor

Regulatory Uncertainty: The looming DOJ antitrust decision on Chrome could weigh on sentiment .

AI Competition: Pressure from ChatGPT-like tools may impact Search monetization.

Top-Line Deceleration: Any sign of slowing in YouTube, Cloud, or ads could temper optimism.

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🎯 Price Target & Outlook

Base Case: $185–$200 — strong Q2 supported by AI and Cloud offsetting regulatory concerns.

Bull Case: $210–$215 — if Google emphasizes AI progress and provides robust forward guidance.

Bear Case: $165–$175 — if guidance disappoints or regulators strike hard.

Your EV/EBITDA-based target of $185 aligns well with the current consensus at around 13.55× eFY26 .

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🧭 Conclusion

I am cautiously optimistic. Strong consensus estimates, AI momentum, and cost discipline position Google for a solid beat. The key drivers will likely be commentary around AI/Cloud, ad spending trends, and any updates on regulatory developments.