Alphabet (GOOGL) Stock Hits All-Time High as JP Morgan Sets $460 Price Target

TLDR

• GOOGL hit an all-time high of $384.28, currently trading around $386.94
• Q1 2026 EPS came in at $5.11 vs. $2.62 expected; revenue hit $109.9 billion
• JP Morgan named GOOGL its Top Overall Pick for 2026, raising its price target to $460
• Gemini API is processing over 16 billion tokens per minute, showing AI monetization
• Cloud backlog surged to $460 billion, seen as a long-term margin driver

Alphabet stock is trading at record levels. GOOGL hit an all-time high of $384.28 and was last seen changing hands around $386.94, up roughly 1.3% on the day.

Alphabet Inc., GOOGL

The stock has climbed more than 133% over the past year. That run has been fueled by strong earnings and heavy institutional buying heading into the Q1 results on April 29.

Those results did not disappoint. Alphabet posted EPS of $5.11 against Wall Street’s forecast of $2.62. Revenue came in at $109.9 billion, ahead of the $106.79 billion consensus.

The company carries a market cap of around $4.72 trillion. It trades at a P/E ratio of 29.43 with a PEG ratio of 0.62, which suggests the growth is not fully priced in by traditional metrics.

Revenue grew 22% year-on-year. That kind of top-line growth at this scale is hard to ignore, and the market has taken notice.

JP Morgan Makes GOOGL Its Top Overall Pick

JP Morgan analyst Doug Anmuth moved his price target from $395 to $460 following the earnings beat. That implies roughly 20% upside from current levels.

Anmuth wrote that Alphabet has moved beyond the experimental phase in AI. The Gemini API is now processing over 16 billion tokens per minute, a sign the company is converting its AI investment into real revenue.

JP Morgan’s view is that Google has successfully turned infrastructure spending into a business. That’s a shift in the narrative that has kept some investors on the sidelines.

Pivotal Research also raised its GOOGL target, moving it to $470. That puts two major firms with targets well above where the stock trades today.

Freedom Broker took a different approach. After the post-earnings rally, the firm downgraded GOOGL from buy to hold, while still raising its price target to $400 from $365.

Cloud Backlog Hits $460 Billion

Google Cloud is a growing part of the story. The Cloud backlog jumped to $460 billion, which JP Morgan says gives the segment a scalable long-term advantage.

Cloud margins are expected to keep improving. That could be a consistent earnings driver for years, according to JP Morgan’s analysis.

Thirty-one analysts have revised their earnings estimates upward ahead of the next reporting period. That level of consensus revision is a strong signal of underlying momentum.

InvestingPro flags that the stock currently looks overvalued relative to its Fair Value model. That’s worth keeping in mind even as the bullish case builds.

Separately, Alphabet CEO Sundar Pichai recently met with U.S. officials to discuss AI capacity and government computing needs. The Trump administration is also weighing oversight procedures for new AI models ahead of public release.

The stock rose more than 35% between late March and early May, from a low of $273 to a high of $383, before pushing to fresh all-time highs.

The post Alphabet (GOOGL) Stock Hits All-Time High as JP Morgan Sets $460 Price Target appeared first on CoinCentral.