Wells Fargo Upgrades Alphabet to ’Buy’ with $387 Target Amid Tech Sector Turbulence
Wells Fargo analyst Ken Gawrelski upgraded Alphabet (GOOG) from Neutral to Buy, raising the price target from $353 to $387—a 10% upward revision. The MOVE follows GOOG's resilience after a 1% Monday dip, rebounding to $315 by Friday despite broader tech weakness.
The upgrade contrasts with hedge funds' mass tech sell-offs, particularly in AI-exposed names. Gawrelski's bullish call spotlights Alphabet's valuation disconnect as Meta-style AI spending fears grip markets. Notably absent from the report: any direct cryptocurrency linkage, though the tech sector's volatility may spill over into digital asset trading.
Market observers note the timing coincides with peak skepticism about AI investments. Alphabet's relative strength suggests institutional confidence in its AI monetization roadmap, potentially creating halo effects for AI-adjacent crypto projects like FET, AGIX, or OCEAN should the thesis hold.
