Google-parent Alphabet Inc (GOOGL  ) (GOOG  ) will be reporting its third-quarter earnings on Wednesday. Wall Street expects $1.84 in earnings per share and $86.31 billion in revenues as the company reports after market hours.

In the lead-up to Alphabet's earnings report, news of Meta Platforms Inc.'s (META  ) plans to develop its own AI-powered search engine is adding intrigue to Alphabet's outlook. Meta's move aims to reduce its reliance on Alphabet's Google and Microsoft's (MSFT  ) Bing, marking another competitor stepping into Alphabet's core search domain.

At the same time, regulatory pressures mount, as the U.S. Department of Justice (DOJ) considers restructuring Alphabet to mitigate its dominance in the search market.

The stock is up 34.13% over the past year, 20.82% year-to-date. Let's look at what the charts indicate for Alphabet stock and how the stock currently maps against Wall Street estimates.

Alphabet Stock Chart Shows Strong Bullish Momentum Ahead Of Q3 Earnings

Alphabet stock is showing strong bullish momentum as its share price of $167.22 sits above key moving averages, including the five-day, 20-day and 50-day exponential moving averages.

This bullish trend is further supported by Alphabet stock trading above its eight-day ($164.19), 20-day ($164.47) and 50-day ($162.02) simple moving averages, reinforcing steady buying interest.

The MACD indicator reading of 0.69 suggests upward momentum is intact, aligning with the positive trend. However, the RSI of 59.31, and rising, hints at potentially overbought conditions ahead. This implies that while bullish momentum is strong, investors in Alphabet stock should be mindful of a possible consolidation if buying pressure wanes.

Alphabet Analysts See 27% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Alphabet stock stands at a Buy currently with a price target of $201.36. The latest analyst ratings from Wedbush, Truist Securities and Needham, issued in mid-to-late October, set an average price target of $211.67 for Alphabet stock, suggesting a 26.77% potential upside.

Needham analyst Laura Martin and Jefferies analyst Brent Thill argue that a forced breakup could unlock significant valuation potential, especially for core segments like YouTube.

Wedbush analyst Scott Devitt remains bullish, noting Alphabet's strong ad growth and AI-driven user engagement in search, even as the company trades at a favorable valuation relative to peers.

GOOGL Price Action: Alphabet stock was trading at $166.97 at the time of publication.