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Alphabet price target raised to $220 from $200 at Oppenheimer

Oppenheimer raised the firm’s price target on Alphabet (GOOGL) (GOOG) to $220 from $200 and keeps an Outperform rating on the shares as survey suggests consumers embracing AI Mode, with real-time queries making it preferable to ChatGPT. Additionally, assuming a Waymo valuation of $300B, Search is currently trading at 6.2-times 2025E EBITDA, which discounts current AI risk, in Oppenheimer’s view. While only 50% of respondents know the difference between AI Mode and AI Overviews, 77% of “knowledgeable” respondents are using AI Mode. 66% of “Knowledgeable” respondents find AI Mode better than search, 60% better than ChatGPT, and 53% click on links often/very often within AI Mode. The firm is also increasing estimates to pre-tariff levels as macro remains healthy.

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