TLDR
- Piper Sandler boosted Alphabet price target to $395 from $365 after Q4 revenue jumped 18%, crushing the 15.5% forecast
- KeyBanc lifted target to $370 from $360, citing Google Cloud’s 55% backlog surge and strong Search momentum
- Gemini AI assistant crossed 750 million monthly active users in Q4 2025
- Waymo completed 1.26 million California trips in December 2025, up from 1.02 million in September
- TD Cowen kept Buy rating at $365, highlighting Waymo efficiency gains with trip wait times falling to 18 minutes
Alphabet attracted fresh analyst support in mid-February following a strong Q4 2025 earnings release. Two major research firms raised their price targets on the stock within days of the report.
Piper Sandler moved its target from $365 to $395 on February 6. The firm kept its Overweight rating intact. Analysts described the quarter as “impressive” with results that came in “strong across the board.”
The company posted 18% revenue growth for Q4. This exceeded Piper Sandler’s 15.5% projection. The beat prompted the firm to raise its full estimates for Alphabet.
KeyBanc Capital Markets also updated its outlook the same day. The firm increased its target from $360 to $370 while maintaining an Overweight rating. KeyBanc pointed to elevated capital spending directed at Google Services and Google Cloud expansion.
The research firm acknowledged questions about investment levels. But performance across major business units continues to impress, according to their analysis.
Search and Cloud Power Growth
Search revenue picked up speed throughout 2025. Google Cloud’s backlog climbed roughly 55% quarter-over-quarter in Q4. These two segments drove much of the upside in the quarter.
Gemini hit a key user milestone. The AI assistant surpassed 750 million monthly active users. This marked rapid adoption for Alphabet’s AI tools.
Waymo Scales Operations
TD Cowen issued a separate note on February 13. The firm reaffirmed its Buy rating with a $365 price target. Their focus centered on Waymo’s autonomous vehicle business.
Waymo logged 1.26 million passenger trips in California during December 2025. This represented an increase from 1.02 million trips three months earlier. Weekly trips now exceed 280,000 across California.
Passenger miles per trip rose 3.8% quarter-over-quarter in Q4. TD Cowen attributed this to geographic expansion and new freeway access in Los Angeles and San Francisco.
Operational efficiency improved year-over-year. Wait times between trips dropped to 18 minutes in December 2025 from 27 minutes a year prior. This metric reflects better vehicle utilization as the service grows.
The stock currently trades at $307.75. TD Cowen’s $365 target implies nearly 19% upside. Alphabet trades at a P/E ratio of 28.05 with trailing twelve-month revenue of $402.84 billion and growth of 15.09%.
Waymo continues expanding its California footprint. The service added freeway capabilities in major metro areas during 2025, supporting trip volume growth and improved efficiency metrics throughout the year.
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