Raymond James upgraded Alphabet (GOOGL) (GOOG) to Strong Buy from Outperform with a price target of $400, up from $315. The firm’s updated bottom-up analysis of Google Cloud Platform and Search drives a material upward revision to 2026-2027 estimates, with 2027 revenue now at the high end of the Street and supporting the upgrade, the analyst tells investors in a research note. Improving AI Stack momentum is expected to fuel upward revisions and position Alphabet as a high-quality top-line AI acceleration story, with fundamentals, rather than multiple reversion, driving mega-cap Internet performance in 2026.
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