Veteran Bank Tweaks Alphabet Price Target for the Rest of 2026
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Veteran Bank Tweaks Alphabet Price Target for the Rest of 2026 Nauman Khan Thu, July 2, 2026 at 3:22 PM EDT 1 min read WFC GOOGL GOOG This article first appeared on GuruFocus . Alphabet (GOOGL) remained a top pick at Wells Fargo despite the brokerage lowering its price target to $416 from $435, citing updated long-term revenue assumptions and higher infrastructure spending. Wells Fargo said Google Cloud continues to benefit from strong demand, prompting it to raise its second-quarter cloud revenue growth forecast to 72% from the previous Street expectation of 65%. The firm also expects search revenue to increase 17% year over year during the quarter, while forecasting 16% growth for fiscal 2026. Warning! GuruFocus has detected 4 Warning Signs with PLTR. Is GOOG fairly valued? Test your thesis with our free DCF calculator. Although Wells Fargo lifted its 2026 revenue estimate to $517 billion and increased its free cash flow forecast to $47 billion, it reduced projections for fiscal 2027 and 2028 revenue. The brokerage expects external sales of Google's tensor processing units to begin contributing in the second half of 2026, though it anticipates higher capital spending will pressure future cash flow. The firm based its revised valuation on 27.5 times its estimated fiscal 2027 GAAP earnings per share of $15.14 while maintaining its Overweight recommendation on Alphabet. Shares of Alphabet edged up about 1% in early Thursday trading.
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