Alphabet Stock Looks Undervalued After a 100% Rally in a Year. Analysts See More Upside

Alphabet (NASDAQ:GOOG) has softly go 1 of the astir compelling risk/reward setups successful mega-cap tech. Shares commercialized astatine $363.62 aft a 105.37% one-year rally, yet the banal inactive carries a trailing P/E of conscionable 28 against 37.9% nett margins.

Our 24/7 Wall St. terms people for Alphabet is $441.58, pointing to 21.44% upside implicit the adjacent 12 months. The proposal is buy, with precocious assurance astatine 90%.

24/7 Wall St. Price Target Summary

From $173 to $363: How Alphabet Got Here

Alphabet has been 1 of the year's standout large-cap performers, up 16.03% year-to-date and much than doubling from a 52-week debased of $173.38. Shares beryllium astir 6% beneath the 52-week precocious of $404.23 aft a 0.52% pullback implicit the past month.

The rally is anchored successful fundamentals. Q1 FY2026, filed April 29, 2026, delivered EPS of $5.11 against a $2.63 consensus, a 94.10% beat. Revenue of $109.90 cardinal grew 21.8% twelvemonth implicit year, and Google Cloud surged 63% to $20.03 cardinal with backlog astir doubling to implicit $460 billion. That is the 4th consecutive EPS beat.

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Why Bulls See a Breakout Ahead

The bull thesis rests connected AI monetization astatine scale. Gemini is processing 16 cardinal tokens per minute, up 60% QoQ, portion Gemini Enterprise paid MAUs grew 40% quarter-on-quarter. Alphabet present counts 350 cardinal paid subscriptions, and Waymo crossed 500,000 autonomous rides per week.