Alphabet price target raised to $405 from $360 at Barclays

Barclays analyst Ross Sandler raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $405 from $360 and keeps an Overweight rating on the shares following the Q1 report. The firm says Alphabet’s “incredible position across the entire AI stack” is leading to nearly all its key businesses posting “best-in-4-years” growth and margins. The company controlling its AI infrastructure from models to cloud to accelerators is allowing its cloud and search to generate excess returns, the analyst tells investors in a research note.