• Truist Securities analyst Youssef Squali raises his price target on Alphabet (GOOGL) to $350 from $320, maintaining a Buy rating.
  • The move is driven by expectations for record U.S. e-commerce and digital ad spending this holiday season, supported by a resilient consumer and AI-powered ad platform efficiency.
  • Sustained e-commerce momentum and a faster rollout of Waymo are also seen contributing to the improved outlook, based on updated FY26 estimates.

Truist Securities has placed a more bullish bet on Alphabet Inc., with analyst Youssef Squali lifting his price target on the tech giant's shares to $350 from $320. The firm reiterated its Buy rating, signaling confidence in the company's ability to capitalize on what it sees as a robust environment for digital advertising and e-commerce.

The new target, representing a significant premium to the stock's recent trading levels, is grounded in updated financial year 2026 estimates. According to people familiar with the analyst's thinking, the primary driver is a stronger advertising revenue outlook. Squali is anticipating record U.S. e-commerce and digital ad spending during the upcoming holiday season, a view supported by a resilient consumer bolstered by a strong job market.

This optimism comes on the heels of Alphabet's own strong performance. The company's Q3 2025 results, released last month, showed consolidated revenue climbing 16% year-over-year to $102.3 billion. Key advertising segments like Google Search and YouTube each grew 15%, demonstrating the core business's momentum. Efforts to make ad platforms more efficient through AI advancements are seen as a critical factor in maintaining this growth and improving margins.

Beyond advertising, other parts of the Alphabet portfolio are contributing to the positive sentiment. The company's "Other Bets" segment, which includes the autonomous vehicle unit Waymo, is expected to see slightly higher revenue, partly due to Waymo's faster rollout plans. Meanwhile, Google Cloud continues its impressive trajectory, with revenue surging 34% to $15.2 billion in the last quarter and operating income jumping 85%.

When reached for comment, a spokesperson for Alphabet referred to the company's most recent earnings statements. The raised target from Truist adds to a generally favorable analyst view on the stock, though some on Wall Street remain watchful of the company's substantial capital expenditures, which totaled $24 billion in Q3 primarily for technical infrastructure.

Correction: An earlier version of this article misstated the year of the most recent quarterly results. The figures cited are from Q3 2025.