KeyBanc analyst Justin Patterson reiterated an Overweight rating and $380.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst commented: "Heroes of the Swarm - Expect Google Cloud Next to Highlight TPUs, Gemini, Security, and Control Plane; As Google Cloud Next kicks off tomorrow, we believe the latest TPU, Gemini integrations, and potential security announcements are top of mind for most investors. However, we believe Google is also building upon last year's multiagent initiatives and improving the control plane to make harnessing the benefits of AI easier. As Google leverages its infrastructure and makes it easier for organizations to deploy AI in a cost-efficient manner, we see potential to sustain rapid Cloud growth rates. We maintain our OW rating and $380 PT (27.6x 2027E P/E)."

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Shares of Alphabet closed at $332.29 yesterday.