Truist Securities Raises Alphabet Price Target to $430
Truist Securities analyst Youssef Squali raised the price target on Alphabet (NASDAQ: GOOGL) to $430.00 (from $415.00) while maintaining a Buy rating.
“Looking at backlog (as of 3/31)+recent deals, cons. revenue ests for Google Cloud are below what they should be.
We believe revenue growth should accelerate throughout 2026 from 63% in Q1 to the mid-80% by YE, cons. is projecting a deceleration to the 50%s; We are raising our Google Cloud revenue estimates for FY26 and FY27 to better reflect the potential flow through from its recently announced $200B partnership with Anthropic (private) and the corresponding recognition in revenues from the backlog.
Below we’ve provided a framework for the potential revenue contribution from this deal.
Key underlying assumptions include the recognition of the current backlog over an average period of approximately five-six years.
It also includes the planned launch of TPU sales (which is set to begin later this year).”
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