Alphabet (GOOGL) is back in the spotlight, with Piper Sandler pointing to clear signs of renewed strength in digital ads. In a new note, top analyst Thomas Champion raised his price target to $365 from $330 and kept an Overweight rating after survey results showed Google winning back ad dollars for the first time in years.
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The analyst noted that Google “stole the show” in Piper’s latest ad-buyer survey, with Search gaining share of digital ad budgets for the first time in three years. This shift, he explained, shows how strongly Google’s core products are performing, even as competition in digital ads continues to rise.
Champion also pointed to steady returns for advertisers. ROI remains strong, and he highlighted Performance Max and Gemini as key products driving new revenue. Both tools are delivering strong results, helping advertisers improve performance while sending more spend back to Google.
The analyst did acknowledge that Alphabet’s multiple is up roughly 50% over the last year, but he said the company’s stronger fundamentals justify higher estimates.
In Champion’s view, Google now enters 2026 with clear tailwinds: rising ad share, stronger AI-driven products, and a core business that still delivers some of the best returns in the industry. With that backdrop, he believes Alphabet’s upside story isn’t done yet and he reiterated an Overweight rating.
Is GOOGL Stock a Buy, Hold, or Sell?
Currently, Wall Street has a Strong Buy consensus rating on Alphabet stock based on 29 Buys and seven Hold recommendations. The average GOOGL stock price target of $320.15 indicates shares are fully priced at current levels.
