Piper Sandler keeps Alphabet at Overweight and raises target to $400

Finbold reported that Thomas Champion, an analyst at Piper Sandler, maintained an Overweight rating on Alphabet (NASDAQ: GOOGL) on September 28 and raised the firm's 12-month price target to $400 from $395, an increase of 1.27%. Champion's case rests on TPU sales, Cloud forecasts and operating income estimates, which he said support a higher target and a potential share catalyst, and on what Piper Sandler called the formal integration of external TPU sales into Alphabet's financial framework. Finbold reported that the firm's modelling projects TPU revenue above $100 billion by 2028 and says that shift pushes analysts to revise their 2027 and 2028 Cloud revenue estimates by 15% and 17%. Updated power and capacity modelling led Piper Sandler to lift its 2027 revenue estimates by 2% and operating income by 8%, according to Finbold. GOOGL traded at $342.38 when Finbold wrote, which Champion's target implies as 16.83% upside by September 28, 2027; the same report said the stock had fallen about 16.5% since early May 2026. A separate Finbold report on JPMorgan's October 1 note put Alphabet shares at a $338.24 close, and listed other banks' October 1 targets - KeyBanc $435, Jefferies $445, Wells Fargo $411, RBC Capital $425 - which Finbold did not tie to Piper Sandler. No second outlet covered Piper Sandler's revision, so the target change rests on Finbold's account alone.