Alphabet price target raised to $400 from $375 at RBC Capital

RBC Capital analyst Brad Erickson raised the firm’s price target on Alphabet (GOOGL) to $400 from $375 and keeps an Outperform rating on the shares. The company’s earnings print was “sterling as was expected”, with the substantial capex guide up – $175-$185B – bine the only thing likely holding the stock back from a move higher, the analyst tells investors in a research note. Gemini adoption continues narrowing the gap to ChatGPT and the GCP’s backlog accelerated, RBC adds.