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JPMorgan analyst Doug Anmuth reiterated an Overweight rating and a $395 price forecast for Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) in a Monday research note.
The firm named the tech giant a “Top Pick” just days before the Google Cloud Next event in Las Vegas.
Cloud Growth Takes Center Stage
Anmuth highlighted Google Cloud’s rising importance to Alphabet’s bottom line. The segment is now the company’s second-largest business. JPMorgan expects Cloud to represent roughly 19% of total revenue in 2026.
The analyst noted that the Cloud backlog surged 160% year-over-year to $240 billion in late 2025. “While Cloud Next has not been a major catalyst for GOOG/L shares in the past, …
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