Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) shares are trading higher on Thursday. Raymond James boosted its rating on the stock to Strong Buy and lifted its price target from $315 to $400.
Raymond James Upgrade
Analyst Josh Beck pointed to strengthening momentum in the Google Cloud Platform and Alphabet's positioning in AI as key drivers behind the upgrade, Investing.com reported. Beck told clients he believes Alphabet is entering a period where improving sentiment around its AI stack and upward estimate revisions could make it one of the strongest top‑line AI growth stories in the market.
He now expects Google Cloud Platform to grow 44% in 2026 and 36% in 2027, well ahead of consensus, supported by solid performance across both infrastructure and platform services.
The upgrade comes after UBS maintained a Neutral rating on Alphabet on Wednesday and raised its price target from $306 to $345. Last week, TD Cowen maintained a Buy a lifted its target to $355 and BofA maintained a Buy a raised its target to $370. Alphabet has a consensus Buy rating from analysts, according to Benzinga data.
Waymo Expansion
In separate news, Alphabet's autonomous driving arm Waymo announced it is rolling out its fully driverless ride‑hailing service to the public in Miami. Nearly 10,000 people have already signed up, and the service will operate across a 60‑square‑mile area that includes many of the city's most recognizable neighborhoods.
"Miami is a city defined by its energy, myriad of global cultures, and its forward‑looking spirit, and Waymo is proud to add to that momentum," said Tekedra Mawakana, the company's co‑CEO.
Waymo has logged more than 127 million fully autonomous miles and reports a ten‑fold reduction in serious injury crashes compared to human drivers in its operating zones.
GOOG Price Action: Alphabet shares were up 1.11% at $332.02 at the time of publication on Thursday. The stock is trading near its 52-week high of $341.20, according to Benzinga Pro.
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