Piper Sandler Raises Alphabet Price Target to $395
Piper Sandler analyst Thomas Champion raised the price target on Alphabet (NASDAQ: GOOGL) to $395.00 (from $365.00) while maintaining an Overweight rating.
“Google reported an impressive 4Q25 with total revenue accelerating to +18% (PSC +15.5%) and EBITDA ~2% above. Search / Cloud both accelerated again, although YouTube decelerated notably.
Cloud backlog improved materially to $240BN from $155BN last quarter. As for 2026, CAPEX management sees ~$180BN at the mid-point, well above PSC prior at ~$110BN.
Overall, a strong result across the board despite the CAPEX pressure on FCF. We tweak estimates and especially CAPEX higher, PT moves to $395 from $365. Reiterate OW.”
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