Piper Sandler Raises Alphabet Price Target to $400
Piper Sandler analyst Thomas Champion raised the price target on Alphabet (NASDAQ: GOOGL) to $400 (from $395) while maintaining a Overweight rating.
“Google’s Hardware Metamorphosis: Refining Cloud Estimates for TPU Sales; In 2Q26, GOOGL reported external hardware (TPU) sales for the first time.
We incorporated hardware directionally in our model, but this note formalizes our forecasts based on a facilities and power-capacity framework.
We see TPU sales above $100BN by 2028 and raise ’27/’28E Cloud revenues to 15%/17% above consensus.
Reiterate OW, PT to $400.Thoughts On the Stock: We raise revenue and op income estimates for ’27 by 2% and 8%, respectively. This flows through to our DCF and lifts our target price to $400 from $395.
We also raised our capex estimates in ’28 and beyond.
Given limited disclosure, we think the hardware impact is not fully realized in street models and could be a catalyst for shares in coming quarters. Reiterate OW, $400 Target Price.”
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