Piper Sandler Boosts Alphabet Stock Target to $400

Wall Street analyst Thomas Champion at Piper Sandler has upgraded the price target for Alphabet (NASDAQ: GOOGL) stock to $400 from $395, a 1.27% increase.

This comes after Champion maintained an 'Overweight' rating for GOOGL stock on September 28 and expects Google's price to rally towards its all-time high over the next 12 months.

The analyst believes that the company's fundamental revaluation of Google Cloud and accelerated hardware commercialization will drive growth, with higher TPU sales, cloud forecasts, and operating income estimates supporting a higher target.