Overview

• Evercore ISI’s Mark Mahaney laid out a path toward roughly $300 per share, citing a 25x multiple on near‑term earnings and longer‑term scenarios that span about $275 to $325.
• Mahaney’s thesis hinges on sustained double‑digit search growth, rising lead quality from fewer paid clicks, and generative AI improving ad targeting, with YouTube and Google Cloud acceleration as additional tailwinds.
• He pointed to a recent court ruling that removed the prospect of a forced Chrome divestiture as a factor that strengthens the investment case.
• Analysts highlighted Google’s AI Overviews engagement at over 1.5 billion monthly users and argued the company is positioned to place ads inside AI search results.
• Yahoo Finance noted Alphabet shares are up 45% over the past three months to all‑time highs while trading at a forward P/E near 23.3, reflecting confidence in its AI leadership across research, chips, cloud, and apps.