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Bank of America has reinforced its bullish outlook on Alphabet, citing improving artificial intelligence sentiment and a strengthening competitive position that could drive the company toward becoming the world’s most valuable firm. The bank believes Alphabet’s momentum heading into 2026 reflects a broader shift in how investors are valuing AI leaders, with several catalysts supporting further upside in Google’s stock price.
Analyst Justin Post reiterated a Buy rating on Alphabet shares and maintained a $370 price target, emphasizing that the AI cycle is increasingly working in the company’s favor. According to Bank of America, Alphabet delivered a standout performance in 2025, with shares rising approximately 65% year over year. This gain significantly outpaced both the NASDAQ and other FANG stocks, underscoring renewed investor confidence in Google’s long-term growth story.
While earnings upgrades contributed to some of the rally, the bank noted that most of Alphabet’s stock appreciation in 2025 was driven by valuation multiple expansion. This expansion was closely linked to growing optimism around artificial intelligence and a favorable ruling related to the Search remedy case, which helped reduce regulatory uncertainty.
Looking ahead to 2026, Bank of America identified five key factors that could support continued gains in Alphabet stock. These include greater recognition of Alphabet’s differentiated AI asset base, stronger monetization as search results shift toward AI-driven queries, and potential upside in Google Cloud growth fueled by Gemini models and TPU differentiation. Additional tailwinds could come from emerging opportunities within the agentic AI ecosystem and the increasing commercial viability of TPUs and Alphabet’s Other Bets segment.
Post highlighted Alphabet’s strong positioning across critical AI layers, including large language models through Gemini, infrastructure via custom TPUs, massive consumer reach through Search, and growing enterprise adoption across Cloud and Workspace. Despite these strengths, Bank of America acknowledged risks such as intensifying search competition, high-profile AI launches from rivals, rising costs, and valuation pressure.
Even with these challenges, the bank continues to view Alphabet as a top stock for AI exposure, supported by what it describes as a balanced risk-reward profile and multiple long-term growth drivers.
