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<Research> BofAS Raises Alphabet Inc. (GOOGL.US) TP to USD430, Maintains Buy Rating
BofAS issued a research report stating that Alphabet Inc. (GOOGL.US) delivered 1Q results with revenue and EPS both beating market expectations, mainly driven by Search and Cloud b...
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<Research> BofAS Raises Alphabet Inc. (GOOGL.US) TP to USD430, Maintains Buy Rating
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BofAS issued a research report stating that Alphabet Inc. (GOOGL.US)      delivered 1Q results with revenue and EPS both beating market expectations, mainly driven by Search and Cloud businesses. Search revenue grew 19% YoY, above the markets expected 16% growth. Google Cloud revenue increased 63% YoY, far exceeding the markets expected 50% growth. Operating margin for the period was 41.9%, higher than the market forecast of 39.6%. Among which, Google Cloud operating margin reached 32.9%, surpassing the expected 27.4%. Quarterly EPS was USD5.11, also above the market expectation of USD2.73.

Google Cloud backlog rose 90% QoQ to USD462 billion, of which about 50% is expected to be recognized over the next 24 months, helping validate infrastructure investments and the advantages of Gemini and TPU products. In addition, Google will begin delivering TPU hardware to external customers in 2H and further expand in 2027. The broker believes this will enhance the value of TPU technology and deepen customer stickiness.

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BofAS raised its revenue forecasts for Alphabet Inc. by 4% and 10% for 2026 and 2027, respectively, and increased its EPS forecasts by 26% and 12%, reflecting stronger Search growth, Cloud backlog and improving Cloud margins. The TP was lifted from USD370 to USD430, based on a 2027 forecast P/E of 28x, up from the previous 27x, to reflect the rising contribution of enterprise cloud revenue. The broker maintained its Buy rating. (ec/da)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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