(GOOG) stock has fallen 6.3% over the past week and is down 2.9% over the past month, yet it has surged 72.3% over the last 12 months, reflecting a powerful longer-term rally. Wall Street’s analysts are firmly bullish, assigning a StrongBuy consensus and forecasting further upside over the next twelve months from current levels near $323.10.
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The average 12‑month price target stands at $384.18, pointing to meaningful potential gains as investors weigh short‑term volatility against strong fundamentals. Analyst Doug Anmuth of J.P. Morgan reiterated his Buy rating on 2/9/2026 with a $395 target, signaling confidence that Alphabet can keep creating value despite recent pullbacks.
Anmuth, ranked 378 out of 12,050 analysts with a 57.52% success rate and a 16.4% average return per rating, sees Alphabet as his top pick among major internet names. He highlights robust operating momentum, with Search growth accelerating to 17% and Google Cloud ramping 48%, while the revenue backlog has jumped 161% year over year and 54% quarter over quarter to about $243–240 billion.
The big debate is Alphabet’s massive planned capex of $175–$185 billion in 2026, roughly double 2025’s $91 billion, which will push up depreciation and, by Anmuth’s model, cut free cash flow to around $29 billion, a 61% drop year over year. He argues this spending comes from a position of strength, backed by Gemini’s 750 million monthly active users, growing engagement, and a broad AI‑driven ad, Search, and Cloud monetization runway.
With about $80 billion in net cash, more than Amazon and Meta, Anmuth believes Alphabet is uniquely positioned to fund this investment cycle and still support long‑term earnings growth. His $395 December 2027 price target is based on roughly 29 times projected 2027 GAAP EPS above $13, anchoring a bullish valuation view that many investors are using as a framework for the stock’s multi‑year potential. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.