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2h ago

TD Cowen Lifts Alphabet Target to $270 on Rising GenAI Adoption, Citing Google Cloud Strength

TD Cowen cites rising enterprise use of GCP/Gemini in lifting its price target.

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Overview

  • TD Cowen raised its Alphabet price target to $270 and kept a Buy rating after publishing its 2025 GenAI Public Cloud Survey.
  • The survey shows GCP as the No. 2 choice for companies adding a cloud provider, with Gemini the second‑most‑used LLM at 54% behind OpenAI at 73%.
  • Alphabet’s Q2 revenue rose 14% to about $96.4 billion, with Google Cloud up 32% to roughly $13.6 billion.
  • Google Cloud’s operating income doubled to $2.8 billion as its margin expanded to 20.7%, and backlog reached about $106 billion.
  • Separate reports said Google Cloud secured a £400 million UK Ministry of Defence sovereign cloud contract, a claim not confirmed in statements cited by the articles.