KeyBanc raised the firm’s price target on Alphabet (GOOGL) to $195 from $185 and keeps an Overweight rating on the shares. While Alphabet delivered a better-than-expected Q1, the firm suspects investors may question the durability of growth given upside was driven primarily by cyclical areas and the Subscriptions business. Positively, distribution advantages in AI are becoming more apparent, and KeyBanc believes that cost efficiencies and share repurchases can yield over $10/share in 2026 EPS. In its view, earnings predictability should yield some valuation support amid a volatile macro.
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