Alphabet hit a fresh all-time high on Tuesday, with GOOGL touching $402.01 — a gain of around 4% on the day and a surge of 152% over the past 12 months.
The run-up has been building for a while. After Alphabet posted its Q1 earnings in late April, the stock is up 25% in the past month alone. Revenue grew 17% year over year, and analysts responded quickly — 31 have revised earnings forecasts higher going into the next quarter.
Wall Street is clearly on board. GOOGL carries a consensus Strong Buy rating from 33 analysts, made up of 28 Buy and 5 Hold recommendations. The average price target sits at $426.44, implying around 11% upside from current levels.
The catalyst behind all this enthusiasm is Gemini. Google’s AI model, which received a major upgrade last fall, is now widely considered one of the most capable on the market. That reputation has gone a long way in convincing investors that Alphabet can hold its own in the AI race.
Alphabet has been moving fast on the product side. The company just announced “Googlebook,” a new category of laptops powered by Gemini AI. These devices are built to integrate with Android and represent a shift away from traditional operating systems toward an AI-first experience.
On mobile, Google plans to roll out Gemini Intelligence on Android this summer. It will launch first on the latest Samsung Galaxy and Google Pixel phones before expanding to other devices later in the year.
The company is also in discussions with SpaceX about a potential rocket launch agreement to deploy orbital data centers — a move aimed at competing in the emerging space-based infrastructure market.
Alphabet’s market cap now stands at $4.80 trillion, placing it second only to Nvidia. That kind of scale raises obvious questions about value.
With a P/E ratio of 30.43 and a PEG ratio of 0.64, the stock looks reasonable on growth-adjusted terms. But at least one analysis flags GOOGL as currently trading above its Fair Value, landing it on a “Most Overvalued” list.
On the Waymo front, Alphabet’s autonomous vehicle unit is recalling 3,791 robotaxis due to a software flaw affecting flood detection. The recall covers vehicles running the company’s fifth- and sixth-generation automated-driving systems. Waymo has put additional operational constraints in place while working toward a permanent fix.
The consensus price target of $426.44 implies there’s still room to run, even after the stock’s sharp move higher.
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