TLDR
- Piper Sandler raised Alphabet’s price target from $365 to $395 after Q4 revenue growth accelerated to 18%, beating the firm’s 15.5% estimate
- KeyBanc Capital Markets increased its price target from $360 to $370, highlighting Cloud’s 55% quarter-over-quarter backlog growth in Q4 2025
- Gemini AI assistant reached over 750 million monthly active users as of the Q4 2025 report
- TD Cowen maintained its Buy rating with a $365 price target, noting Waymo completed 1.26 million passenger trips in California during December 2025
- Waymo’s efficiency improved with minutes between trips dropping from 27 minutes in December 2024 to 18 minutes in December 2025
Alphabet received a wave of bullish analyst updates following its Q4 2025 earnings report. Multiple Wall Street firms raised their price targets on the tech giant’s stock.
Piper Sandler lifted its price target from $365 to $395 on February 6. The firm maintained its Overweight rating on the stock. The research firm described the Q4 performance as “impressive.”
Revenue growth accelerated to 18% in the quarter. This beat Piper Sandler’s forecast of 15.5%. The firm called the results “strong across the board.”
KeyBanc Capital Markets also raised its target on the same day. The new price target moved from $360 to $370. KeyBanc kept its Overweight rating on the stock.
The firm pointed to higher capital expenditures supporting growth in Google Services and Google Cloud. KeyBanc acknowledged concerns about the size of these investments. However, performance metrics across business segments remain strong, according to the firm.
Cloud and Search Drive Performance
Search revenue accelerated throughout 2025. Cloud’s backlog jumped approximately 55% quarter-over-quarter in Q4 2025. These metrics drove much of the positive analyst sentiment.
Gemini reached a major milestone during the quarter. The AI assistant now has more than 750 million monthly active users. This represented substantial growth for Alphabet’s AI initiatives.
Waymo Shows Operational Improvements
TD Cowen maintained its Buy rating with a $365 price target on February 13. The firm highlighted growth in Alphabet’s autonomous vehicle unit Waymo.
Waymo vehicles completed 1.26 million passenger trips in California during December 2025. This increased from 1.02 million trips in September 2025. The service now reaches more than 280,000 weekly trips in California.
Passenger miles per trip grew 3.8% quarter-over-quarter in Q4 2025. TD Cowen noted this reflected geographic expansion and freeway access in Los Angeles and San Francisco.
Efficiency metrics improved on a year-over-year basis. Minutes between trips decreased to 18 minutes in December 2025. This compared to 27 minutes per trip in December 2024.
TD Cowen’s price target represents nearly 19% upside from the current price of $307.75. The stock trades at a P/E ratio of 28.05. Alphabet reported revenue of $402.84 billion with 15.09% growth in the last twelve months.
The autonomous vehicle service continues to scale operations across California markets. Utilization metrics showed improvement throughout 2025 as the service expanded its geographic reach.
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