KeyBanc Raises Alphabet Target to $380, Sees 12% Upside on Cloud Growth

KeyBanc lifted its Alphabet price target to $380 from $370, implying roughly 12% upside amid strong recent performance. The firm boosted 2026 Google Cloud revenue forecasts to $91.8 billion—8% above $85.3 billion consensus—and Q1 gross revenue to $107.7 billion versus $106.8 billion expected, while assuming high-end 2026 capex of $182.8 billion. Shares have surged 19% in April through last Friday, with the Overweight-rated note likely to drive further momentum into the April 29 earnings.