Alphabet (GOOG) PT Raised to $375 at TD Cowen; 'Expect Further Cloud Acceleration'

TD Cowen analyst John Blackledge raised the price target on Alphabet (NASDAQ: GOOG) to $375.00 (from $365.00) while maintaining a Buy rating.

The analyst commented: "Expect Further Cloud Acceleration & Robust Y/Y Search Growth; GOOG Digital Ad Trends, Cloud Acceleration, & Broader Generative AI Efforts Remain in Focus: Investors will look for signs of a continued resilient consumer driving ongoing digital ad strength, as well as progress in GOOG's GenAI initiatives, esp given recent success since the company unveiled Gemini 3 in late '25. GOOG mgmt. at 4Q results (2/4/26) cited AI as a "material driver" for Search, and both AI Mode & AI Overviews are leading to higher engagement. Meanwhile, the Cloud biz smashed est's for 4Q (helped by Enterprise AI products and strong core GCP), and we expect further rev acceleration in 1Q26 to +50% y/y, following +48% in 4Q25, as Cloud sees faster signups and larger deals. GOOG shares are +6% YTD (vs +2% for S&P 500). GOOG shares are trading at 28.3x P/E xcash and 17.9x EV/EBITDA on our ’26 est's, despite market leading ad biz and AI technology, massively scaled consumer Digital platforms, robust growth profile at Cloud, and emerging businesses (Waymo); we forecast 13.6% rev & 17.8% EBITDA CAGR ’26E-’31E. Reiterate Buy & Price Target to $375 from $365 prior."

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