Google parent Alphabet (GOOGL) is scheduled to announce its third-quarter results on Wednesday, October 29. Ahead of Q3 earnings, top analysts at JPMorgan and KeyBanc boosted their price targets for GOOGL stock, reinforcing their bullish stance on the tech giant. GOOGL stock has risen more than 37% year to date, as investors expect the company to benefit from artificial intelligence (AI) tailwinds.
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Wall Street expects Alphabet to report earnings per share (EPS) of $2.27 for Q3 2025, up 7.1% year-over-year. Meanwhile, analysts expect Q3 revenue to grow 13% to $99.95 billion.
Top JPMorgan Analyst Raises GOOGL Stock Price Target
JPMorgan analyst Doug Anmuth increased his price target for Alphabet stock to $300 from $260 and reiterated a Buy rating. Anmuth noted that Google is the second-best performing Magnificent 7 stock on a year-to-date basis. The 5-star analyst believes that the favorable outcome in the Department of Justice (DOJ) Search Commercial Agreement trial removed a major overhang for GOOGL stock. Moreover, Alphabet is delivering solid financial performance and “innovating at the leading edge of AI.”
Anmuth added that Google is navigating the transition to AI search well. Anmuth believes Alphabet can continue to deliver double-digit growth in Search. He also expects YouTube ad growth to accelerate on share gains, while capitalizing more on AI. Anmuth is optimistic that Google Cloud growth is accelerating on its AI positioning and TPU infrastructure, including recent deals with Anthropic, Meta Platforms (META), and OpenAI (PC:OPAIQ).
The top-rated analyst expects the Google ecosystem to gain from the upcoming launch of Gemini 3. While competition with OpenAI is expected to intensify, Anmuth believes that Google has key advantages in data, distribution, and balance sheet strength. Meanwhile, the analyst made three adjustments to his Google model, including the addition of about $4.25 billion in regulatory fines and accruals in Q3, which will reduce operating income and GAAP EPS; increasing Google Cloud estimates beginning in 2026 to reflect Anthropic expansion (which he believes could add $9 billion to $10 billion in annual revenue when fully up and running); and increasing capex estimates for 2026 to $114 billion and for 2027 to $125 billion.
KeyBanc Sees Continued Upside in Alphabet Stock
Meanwhile, KeyBanc analyst Justin Patterson increased the price target for Alphabet stock to $300 from $265 and reaffirmed a Buy rating. The 5-star analyst explained that he raised his price target as he expects Q3 results to show that “faster product velocity is driving momentum in Search, Cloud, and Waymo.”
Patterson believes that GOOGL’s valuation does not appear demanding, with shares trading at a next-12-month P/E (price-to-earnings) of 24.5x compared to the S&P 500’s (SPX) P/E of 23.0x. The analyst believes that a combination of 12% to 13% annual revenue growth, operating leverage, and share repurchases could drive a 17% annual EPS growth over the 2024 to 2027 period.
Is GOOGL Stock a Buy, Hold, or Sell?
Heading into Q3 results, Wall Street has a Strong Buy consensus rating on Alphabet stock based on 28 Buys and eight Holds. The average GOOGL stock price target of $265.91 indicates 2.3% upside potential.
