Piper Sandler reiterated an Overweight stock rating and $425 price target on Alphabet Inc. (NASDAQ:GOOGL) following Google's annual I/O developer conference.
The firm highlighted Google's announcements including a new model family, agentic personal assistant, AI-native search upgrades, and smart glasses. These updates focus largely on consumer and personal AI applications.
Piper Sandler noted the use cases are equally applicable for enterprise. The firm referenced Google's joint venture with Blackstone as a capital-light approach to drive TPU momentum.
As Search evolves with AI, queries are growing and Google is expanding AI monetization. Piper Sandler described Alphabet as the cleanest story in its mega-cap coverage. The stock trades at $387.66, up 137% over the past year, though near its 52-week high of $408.61.
