Pivotal Research Analyst Lifts Alphabet Price Target to Street-High $420

Pivotal Research analyst Jeffrey Wlodarczak issued a bullish update for Alphabet (GOOGL), raising the price target to a new Street high of $420 based on strong conviction in the company's AI strategy.

• The new $420 price target implies a significant 26.1% upside potential for shares.
• Despite the bullish forecast, GOOGL shares are trading down 2.73% today.
• The decline is attributed to investor concerns regarding potential margin pressure from the company's recently guided plan to double capital expenditures on AI infrastructure this year.