Oppenheimer analyst Jason Helfstein raised the price target on Alphabet (NASDAQ: GOOG) to $345.00 (from $300.00) while maintaining a Outperform rating.

The analyst comments "Raising target to $345 (was $300) and reiterating Outperform as AI tailwinds building across Search/YT/GCP. Search accelerated to +15% y/y vs. 2Q +12%, 2%/3% above Opco/Street as AI driving "expansionary moment for Search." Gemini app queries 3x vs. 2Q. AI Mode now 75M US DAU, with AI Overviews driving "meaningful query growth," as paid clicks accelerating 300bps. Meanwhile, GCP +34% y/y vs. 2Q +32%, backlog +46% q/q vs. 2Q +18%. 3Q EBIT 7%/8% above Opco/Street, +22% y/y vs. 2Q +14%. FY25 capex guide 8% higher. While META & GOOG both now seeing AI tailwinds to core businesses, GOOG managing expenses with more predictable return on capex/opex, while META chasing AGI with unknown impact. Target assumes 24x 2027E EPS + Waymo at $200B vs. peers/META 26x/21x."