Alphabet shares drop ahead of earnings next week

Alphabet Inc. shares fell 2.6% during morning trading on Wednesday, closing at $331.34 compared to $340.28 in the previous session. The company is scheduled to report third-quarter earnings on October 28 after market close.

KeyBanc analyst Justin Patterson cut his price target on the stock to $410 from $435 on Sunday while keeping an Overweight rating. Patterson reduced his estimates for Google Services earnings and applied a more conservative valuation to TPU contributions within Google Cloud. He said consensus estimates appear aggressive and shares may remain rangebound until those estimates are adjusted.

Several law firms are promoting a securities class action lawsuit against Alphabet, claiming the company misrepresented the development timeline for its Gemini 3.5 Pro AI model. The lead plaintiff deadline for the lawsuit is December 1.

A power outage at a Google Cloud data center near London on Monday disrupted major UK banking services, raising questions about operational reliability in Alphabet's cloud business.

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