UBS analyst Stephen Ju reiterated a Neutral rating and $375.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst commented, "In our view this year's Cloud Next announcements should serve as another marker to drive investor confidence around the persistent ROIC questions around Google's GenAI CapEx. We liked signs that enterprise adoption of Gemini and related products continue to ramp (40% 4Q25 to 1Q26 growth of Enterprise MAUs), as well as practical demonstrations from client companies using various products. Both of these should be positive signals to get more comfortable underwriting multiyear CapEx cycles and further prove that demand is not just Anthropic and OpenAI. A year ago, investors were questioning whether Google was lagging on GenAI productization - and this event shows that Google has caught up, with new releases focused on early adopter requirements, next gen TPUs with better price performance, and new use cases like Agent Platform. That said, we believe much of this benefit is already priced in to the stock in the form of accelerating revenue growth for 1Q26 as well as the historically high multiple."

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Shares of Alphabet closed at $339.32 yesterday.