Jefferies Raises Alphabet Price Target to $365

Jefferies analyst Brent Thill raised the price target on Alphabet (NASDAQ: GOOGL) to $365.00 (from $320.00) while maintaining a Buy rating.

“GOOGL’s unrivaled data moat, including the entire world indexed for search and 7 Google solutions with >2B MAUs, best-positions the stock to sustain its Gemini leadership and supercharge consumer AI by bringing Gen AI to billions of users.

Thanks to superior frontier models, multi-modal expertise, and its massive distribution ecosystem, GOOGL is increasing Gemini adoption, expanding search usage across owned surfaces, and monetizing across both advertising and Cloud.

We model a slight decel in net rev growth to 13% in ‘26 after 2 strong years at 15%, but with op margin expanding 140bp to ~39%.

We model Cloud maintaining healthy 30%+ growth (2024-5-6 at 31-32-30%), with ’26 looking conservative, and GCP again outpacing overall Cloud.

While it may be difficult to repeat 2025’s stellar +65% gains, we see GOOGL’s leading AI momentum extend into 2026 and help the stock grind higher.

Although valuation multiple of 17.6x ’26 EV/EBITDA is near 15-year highs, the stock should move upward on rising estimates and there is potential for incremental multiple expansion toward pre-GFC years (20+ then).”

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