Alphabet (GOOGL) Stock Hits Record High as JP Morgan Sets $460 Price Target

TLDR

• GOOGL reached an all-time high of $384.28, currently trading at approximately $386.94
• Q1 2026 earnings per share (EPS) came in at $5.11, exceeding the expected $2.62; revenue totaled $109.9 billion
• JP Morgan named GOOGL its Top Overall Pick for 2026, increasing its price target to $460
• The Gemini API is processing over 16 billion tokens per minute, demonstrating AI monetization progress
• Google Cloud backlog surged to $460 billion, viewed as a long-term margin growth driver

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(SeaPRwire) –   Alphabet’s stock is trading at record levels, with GOOGL hitting an all-time high of $384.28 and recently trading around $386.94, up about 1.3% on the day.

Alphabet Inc., GOOGL

In the past year, the stock has increased by more than 133%, driven by strong earnings and significant institutional buying ahead of the Q1 results announced on April 29.

The results exceeded expectations. Alphabet reported EPS of $5.11 compared to Wall Street’s forecast of $2.62, while revenue reached $109.9 billion, surpassing the consensus estimate of $106.79 billion.

The company holds a market capitalization of approximately $4.72 trillion and trades at a P/E ratio of 29.43 with a PEG ratio of 0.62, suggesting that traditional valuation metrics may not fully account for its growth potential.

Revenue grew by 22% year-over-year; such robust top-line expansion at this scale is rare and has drawn considerable market attention.

JP Morgan Designates GOOGL as Its Top Overall Pick

Following the strong earnings report, JP Morgan analyst Doug Anmuth raised his price target from $395 to $460. This implies roughly 20% upside from current trading levels.

Anmuth noted that Alphabet has moved beyond the experimental stage in artificial intelligence. The Gemini API now processes over 16 billion tokens per minute, signaling that the company is successfully converting its AI investments into tangible revenue.

JP Morgan believes Google has effectively transformed infrastructure spending into a scalable business model—a shift in narrative that had previously kept some investors cautious.

Pivotal Research also adjusted its GOOGL price target upward, setting it at $470. This places two major firms with price targets significantly above the stock’s current level.

Freedom Broker adopted a different stance: after the post-earnings rally, the firm downgraded GOOGL from buy to hold but simultaneously raised its price target to $400 from $365.

Cloud Backlog Reaches $460 Billion

Google Cloud continues to play an increasingly important role in Alphabet’s performance. The cloud backlog surged to $460 billion, which JP Morgan views as providing a scalable long-term competitive advantage.

Cloud margins are projected to continue improving, potentially serving as a consistent earnings driver over the coming years, according to JP Morgan’s analysis.

Thirty-one analysts have revised their earnings estimates upward ahead of the next reporting period—a strong indicator of underlying momentum.

InvestingPro indicates that the stock currently appears overvalued relative to its Fair Value model, a consideration worth noting amid growing bullish sentiment.

Additionally, Alphabet CEO Sundar Pichai recently met with U.S. officials to discuss AI capacity and government computing requirements. Meanwhile, the Trump administration is considering oversight procedures for new AI models prior to public release.

The stock climbed more than 35% between late March and early May, rising from a low of $273 to a peak of $383 before reaching fresh all-time highs.