Piper Sandler Raises Alphabet Price Target to $445
Piper Sandler analyst Thomas Champion raised the price target on Alphabet (NASDAQ: GOOGL) to $445.00 (from $425.00) while maintaining an Overweight rating.
“We publish our first analysis of citations data across searches in Google’s AI Overview and AI Mode.
The data demonstrates AI-assisted Search is expanding rapidly (daily citations up ~16x since early 2025) and a handful of companies are dominant content sources.
We see this as most positive for GOOGL, RDDT, and META.
Most Positive for Google; Raising Search Estimates and PT: AI Search appears to be in a period of rapid expansion and reflected in Search revenue results.
Citations does not equal Search query or revenue growth per se, but the step-function growth in citations since early 2025 is consistent with management commentary that AI Mode generates queries 3x longer than traditional search and that queries are at “all-time highs.” Alphabet leads citation share at 19.2% (up 11pp y/y), driven by YouTube and Google properties, and is the clear beneficiary of AI Search growth.
We raise Search revenue estimates 1% in 2026 and 5% in 2027, and raise our PT to $445 from $425. Reiterate OW.”
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