Oppenheimer & Co analysts late Wednesday raised their target price on Alphabet Inc (NASDAQ:GOOG) to $345 per share, from $300, while reiterating their ‘Outperform’ rating, believing that AI is driving an "expansionary moment for Search."
The analysts also believe Google Cloud's momentum is accelerating, with the division of Alphabet approaching profitable growth as the third-largest cloud provider.
Analysts at Wedbush also weighed in on Alphabet’s results, saying the company has “proved doubters wrong.”
“In our view, the company's Q3 performance further validates Alphabet's position as a leading AI beneficiary, with management already observing tangible results across advertising and cloud,” the analysts wrote in a note to clients on Thursday.
They also lifted their target price on Alphabet to $320 a share, with Google Search and YouTube’s Q3 revenue growth exceeding expectations.
Alphabet shares climbed nearly 4% to $285.39 in midday trading on Thursday.