TD Cowen Reiterates Buy on Alphabet at $450 Target After AI Launch

Alphabet shares trade near record highs within 2% of a $5 trillion market cap following the Google I/O 2026 AI showcase. Strong Q1 results with $109.9 billion revenue and 63% Google Cloud growth set the foundation, while new Gemini 3.5 and agentic Search features reinforced institutional conviction. Major banks including BofA, BMO, and TD Cowen reiterated Buy ratings with targets of $430-$450, citing rapid AI productization and resilient search momentum despite elevated capex pressures.