KeyBanc Raises Alphabet Price Target to $370
KeyBanc analyst Justin Patterson raised the price target on Alphabet (NASDAQ: GOOGL) to $370.00 (from $360.00) while maintaining an Overweight rating.
“From Get Fit to Capex Bulk Up for AI Growth; Alphabet is meaningfully stepping up capex investment to support Google Services and Google Cloud growth.
Concerns on the scale of investment will likely persist, but it is hard to argue with the results; Search accelerated throughout 2025, Cloud backlog grew ~55% q/q in 4Q, and Gemini now has >750M MAUs.
We lower our 2026E/2027E EPS but raise our PT to $370 to reflect faster Cloud growth in our sum-of-the-parts (SOTP) framework.
We continue to view GOOGL as more of a revisions than multiple expansion story.”
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