BofA raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $335 from $280 and keeps a Buy rating on the shares after a “strong” Q3 that featured Search acceleration despite OpenAI’s growth. Cloud backlog was up a strong $47B quarter-over-quarter, driven by growing demand for both GPUs and Google TPUs as well as Google’s AI solutions built around Gemini, the analyst noted. The firm, which is raising estimates to reflect higher revenue growth and Cloud margins, says its raised target also reflects more confidence in Alphabet’s AI positioning.
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