JPMorgan Raises Alphabet Price Target to $395

JPMorgan analyst Doug Anmuth raised the price target on Alphabet (NASDAQ: GOOGL) to $395.00 (from $385.00) while maintaining an Overweight rating.

“Google reported very strong 4Q results with accelerating growth in Search and Cloud, but capex will be the story coming out.

The 2026 capex outlook for $175B-$185B was well above our previous (Street high) estimate of $142B.

Importantly, we believe the doubling of capex Y/Y comes from a position of strength, with Gemini now at 750M MAUs & showing significantly higher engagement per user, Google Cloud revenue accelerating to +48% w/backlog up 55% Q/Q to $240B, & Search revenue accelerating to +17% as AI continues to expand the market.”

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