Roth/MKM has increased its 12-month price objective for Alphabet (NASDAQ:GOOGL) to $365.00 from $310.00 and preserved its Buy recommendation as the company approaches reporting its fourth-quarter results. The research house identified a cluster of developments that could act as catalysts for the stock in the first half of 2026.
Near-term drivers highlighted
In its commentary, Roth/MKM pointed to potential partnerships tied to Tensor Processing Unit (TPU) chips, new city launches by Alphabet’s autonomous vehicle unit Waymo, milestones on the Gemini App, and likely news about Gemini 4.0 as factors that could support performance in early 2026. The firm also observed that several large-scale events scheduled for 2026 - including the FIFA World Cup, the Winter Olympics and the U.S. midterm elections - would likely help offset tougher year-over-year comparisons in the back half of the year.
Valuation basis and recent share performance
The revised price target is anchored to approximately 27.0x estimated 2027 GAAP earnings per share, according to Roth/MKM. The firm noted that Alphabet shares are trading toward the high end of their recent valuation band, at roughly 30x 2027 estimated price-to-earnings. Since November 1, 2025, Alphabet stock has risen 18%, outperforming the S&P 500’s 1% gain and the Russell 2000’s 7% climb over the same interval, even as mega-cap names broadly have lagged.
Other analyst and strategic updates
The company has been the subject of several recent analyst revisions and strategic announcements. Scotiabank raised its target to $375, citing strong third-quarter results and acceleration across Search, YouTube and Cloud. TD Cowen lifted its target to $355 and reiterated a Buy rating, emphasizing the potential for Alphabet’s generative AI to enhance advertising outcomes based on its U.S. Ad Buyer Survey.
TD Cowen also pointed to faster-than-expected Waymo expansion plans, estimating that 6,000 Waymo vehicles would be offering paid rides across 17 cities by the end of 2026. Separately, comments from Google DeepMind’s CEO underscored the company’s role in foundational AI development. Google has also said it will begin manufacturing high-end Pixel smartphones - including Pixel, Pixel Pro and Pixel Fold models - in Vietnam as part of its new product introductions this year.
Context for investors
Roth/MKM’s upgrade of its price target reflects a mix of operational catalysts and a forward earnings multiple tied to 2027 GAAP EPS. The firm’s note balances bullish potential from technology and mobility initiatives with a recognition of cyclical comparability pressures later in 2026 tied to major global events and calendar effects.
As always, forthcoming quarterly results and execution on the cited initiatives will be key for investors watching valuation and growth trajectories into 2027.