BMO raises Alphabet target to $480 with $325 bn capex view

BMO raised its Alphabet price target to $480 from $465 on Tuesday and kept the stock at outperform and top pick, according to a CNBC Pro roundup of Wall Street research calls.

The call pairs a higher 2027 capital-spending estimate of $325 billion with BMO’s view that Alphabet’s infrastructure and distribution can support earnings growth despite heavier investment.

BMO’s revised target implies a $15-a-share increase, or about 3.2%, according to Atlas360 calculations. Its $325 billion 2027 capital-spending estimate was the largest single dollar amount cited in the CNBC roundup.

“While we raise 2027E CapEx to $325B, we believe GOOGL’s full-stack capabilities and distribution support durable earnings growth. Reiterate Outperform, Top Pick, and raise our Target Price to $480 from $465,” BMO said, according to CNBC.

The note puts Alphabet in the center of a broader Wall Street debate over whether large technology companies can keep increasing artificial-intelligence and computing investment without eroding returns. BMO’s call, as summarized by CNBC, treats the spending as compatible with earnings expansion rather than as a standalone pressure point.

The roundup did not provide BMO’s analyst name, detailed revenue assumptions or valuation method. It also did not include Alphabet’s share-price reaction to the call.

Other analyst calls in the same CNBC roundup showed a split view of AI-linked spending across technology and infrastructure names. Piper Sandler reiterated Nvidia as overweight, while HSBC reiterated CoreWeave as reduce and cited “Debt market woes and moderating LLM revenues” as structural concerns, referring to large language models, the AI systems used to generate and process text.

Loop downgraded Apple to hold from buy in the same roundup, saying the stock needed a “fundamental catalyst reset.” That call reflected a different company-specific issue: Loop said earlier iPhone shipment reductions no longer appeared to be mainly supply-related.

Source: CNBC Pro roundup of Wall Street analyst calls, Oct. 20, 2026