KeyBanc analyst Justin Patterson raised the price target on Alphabet (NASDAQ: GOOGL) to $380.00 (from $370.00) while maintaining an Overweight rating.

The analyst commented: "Cloud Is Cashing in the Tokens; We believe consensus under-appreciates Alphabet's Google Cloud ramp (we are now 8%/15% above 2026E/2027E consensus Cloud forecasts). As Cloud momentum continues and Search remains a low-double-digit grower, we see 2027E EPS approaching $14; this causes us to raise our PT to $380 (27.6x 2027E P/E). Net, Alphabet continues to have multiple paths for AI monetization, and we continue to see Cloud supporting a mid-to-high 20s P/E multiple."