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Investing.com - Guggenheim raised its price target on Alphabet (NASDAQ:GOOG) stock to $375.00 from $330.00 on Monday, while maintaining a Buy rating on the tech giant.
The research firm cited three key developments supporting its more bullish outlook: exceptional cloud backlog growth driven by enterprise AI demand, YouTube’s continued dominance in streaming with improving monetization, and Google Gemini’s emergence as a leading AI platform with growing adoption metrics.
Guggenheim believes that while recent share appreciation reflects positive sentiment, the market may still be underestimating Google Cloud’s revenue potential by approximately $40 billion based on backlog growth.
The firm has increased its 2026 and 2027 revenue and profit estimates for Alphabet, primarily due to upward revisions to Google Cloud segment revenue projections and expectations for further margin expansion.
Guggenheim’s updated price target represents a significant increase from its previous target of $330.00, reflecting greater confidence that AI-driven changes in business, advertising, and consumer marketplaces present expansion opportunities for Alphabet.
In other recent news, Indian conglomerate Adani Group is planning a significant investment of up to $5 billion in Google’s artificial intelligence infrastructure hub in southern India. The details of this investment are still being finalized, as revealed by Chief Financial Officer Jugeshinder Singh. Meanwhile, Google has launched Nano Banana Pro, an advanced image generation and editing model, enhancing capabilities over its predecessor with improved text rendering and creative controls. In another development, TD Cowen has maintained its Buy rating and $335 price target for Alphabet, following the launch of its Gemini 3 large language model, which is now integrated into various company offerings.
Bank of America analysts have expressed a positive outlook on semiconductor companies Nvidia, Broadcom, and AMD, recommending Buy ratings for these firms. They highlight Nvidia’s potential to achieve over 40% growth in sales and earnings per share. Additionally, Evercore ISI has reiterated its Outperform rating on Expedia Group, with a price target of $350, despite concerns over Google’s new Canvas travel planning tool. Evercore suggests that the market’s negative reaction to Canvas may be overstated, as it currently serves more as a research tool than a booking platform.
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