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Investing.com - Raymond (NSE:RYMD) James raised its price target on Alphabet (NASDAQ:GOOG) to $210.00 from $185.00 on Thursday, while maintaining an Outperform rating on the stock. According to InvestingPro data, 16 analysts have recently revised their earnings estimates upward, with the company maintaining a "GREAT" financial health score.
The investment firm cited progress on AI monetization as a key factor warranting the company’s increased AI investments, leading to the higher valuation target.
Raymond James based the new price target on a multiple of 17 times estimated 2027 price-to-earnings ratio, compared to the S&P at 19 times and peers like Meta, Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), and Apple (NASDAQ:AAPL) trading at 23 times earnings.
The firm acknowledged that the ongoing Department of Justice case remains an overhang for Alphabet stock.
Raymond James views these legal risks as manageable, particularly in the context of increasing competition in the artificial intelligence space.
In other recent news, Google (NASDAQ:GOOGL) has introduced Aeneas, a new AI model designed to assist historians with the analysis of ancient Latin inscriptions. This development builds on the company’s previous Ithaca model, offering enhanced capabilities such as searching for textual parallels and predicting the origin of inscriptions. In another move, Google released Gemini 2.5 Flash-Lite, its fastest and most cost-effective AI model to date, aimed at improving performance for tasks like translation and classification. Meanwhile, Meta Platforms (NASDAQ:META) has recruited three AI researchers from Google DeepMind, who previously worked on a version of Google’s Gemini model that excelled at the International Math Olympiad.
In financial news, DeepWater Asset Management’s Gene Munster expects Google’s search business to remain stable despite competition from AI chatbots, with a projected 9% year-over-year revenue growth for the June quarter. On the investment front, Scotiabank (TSX:BNS) has raised its price target for Alphabet to $240, citing improved trends and stable third-quarter performance. These developments highlight Google’s ongoing efforts to innovate in AI while maintaining stability in its core search business.
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