Wolfe Research Alphabet (Google) · GOOGL

Wolfe Research Reiterates Outperform on Alphabet, $460 Price Target

1 min read Reproduced verbatim
Rating
Outperform
Unchanged
Target
$460
from $360 (+28%)
Upside
+64%
GOOGL at $280 today
Wolfe Research and Alphabet (Google) logos

What the analyst said

Wolfe Research analyst Shweta Khajuria reiterated an Outperform rating and $460 price target on Alphabet (NASDAQ: GOOGL).

“Q2 was a clean print – a beat across the board with ongoing share gains in Cloud (ATH Q/Q GCP revenue increase), beginning of TPU monetization, healthy Search growth, and accelerating YouTube growth.

That said there is some concern around rising CapEx and modest operating margin pressure in H2:26.

We are rasing our CapEx est. post Q/Q backlog increase: Mgmt. raised ’26 CapEx guide (to $195B-$205B from $180B-$190B) and we are raising our ’27 CapEx estimates by $25B to $330B to account for potentially 750 MW of incremental capacity implied by Q2 backlog increase ($50B+ Q/Q backlog increase, assuming $40B in Cloud backlog ex-TPU sales, monetized over 2 years, implies 750MW per year).

We also assume $1.0-$1.5B in TPU sales revenue in Q2 implying 50 – 75 MW of TPU capacity made available in Q2.

For 2026, that would imply ~150 – 250 MW of TPU capacity in 2026 (or $3-$5B in TPU revenue). Google expects to realize vast majority of TPU sales beginning in 2027.

We estimate $100B+ in TPU sales within FY26 backlog, and likely 2-3 GW of external TPU capacity made available and 4-5 GW of TPUs for internal usage in 2027.”

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Where the price stands

GOOGL trades at $280. The 31 analysts who set a target in the last 3 months range from $300 to $485, with a median of $400. This $460 target is 15% above the median.

Since the note GOOGL has moved −18% (from $342). 12-month window: day 100 of 365, closes on July 23, 2027.

Track record

This callOpen: GOOGL has not reached $460 yet. This 12-month target is scored on July 23, 2027.

Firm track recordWolfe Research: 89% of its 9 targets at least a year old were reached within 12 months. Accuracy ranking →

Earnings reactionOne of 18 notes after Alphabet (Google)’s Jul 22 results: 3 raised · 9 cut · 6 kept. See every call →

Wolfe Research on Alphabet (Google)

Wolfe Research price targets on Alphabet (Google)

3 calls from April 10, 2026 to August 27, 2026. The target went from $360 to $460 (+28%). The rating stayed Buy.

Wolfe Research targetGOOGL share price
  1. August 27, 2026Kept the $460 targetBuy$460
  2. July 23, 2026 This noteTarget raised from $360 (+28%)Buy$460
  3. April 10, 2026Earliest call shownBuy$360
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Other analysts on Alphabet (Google)

Wells FargoBuy Cut price target −11%, kept rating Oct 30 $371from $417 TD CowenBuy Cut price target −5%, kept rating Oct 29 $460from $485 BMO CapitalBuy Cut price target −11%, kept rating Oct 29 $425from $480 CantorBuy Cut price target −17%, kept rating Oct 29 $350from $420 RBC CapitalBuy Cut price target −6%, kept rating Oct 29 $400from $425
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.