<div id="readability-page-1"> While option traders are pricing in a major move, analysts aren't sitting idle either. Ahead of Wednesday's report, KeyBanc analyst Justin Patterson lifted his price target on GOOGL to $300 (from $265) while reiterating his Overweight (i.e., Buy) rating. (To watch Patterson's track record, click here) Patterson's bullish stance centers on what he sees as accelerating product momentum across Alphabet's ecosystem. In his words, &#34;faster product velocity is driving momentum in Search, Cloud, and Waymo.&#34; That's the core of his thesis – Google's growth engines are not just firing on all cylinders, they're picking up speed. Patterson fine-tuned his model to capture both the upside in Alphabet's core operations and a few one-off factors. He nudged his 3Q25 Search forecast higher to reflect stronger monetization improvements, while trimming estimates to account for a European Commission fine. Overall, the analyst expects Alphabet to post earnings per share of $2.95 for the quarter, noting that the company's &#34;combination of 12–13% annual revenue growth, operating leverage, and share repurchases should fuel ~17% annual EPS growth (2024–2027E).&#34; That kind of growth, according to Patterson, isn't fully reflected in the current valuation. Alphabet trades at roughly a &#34;~1.5x NTM P/E premium to the S&amp;P 500 (24.5x vs. 23.0x),&#34; a gap the analyst considers modest given the company's scale and margin profile. &#34;GOOGL's valuation does not appear demanding,&#34; he wrote, adding that his bullish stance rests on both near-term catalysts and a long runway for AI-driven revenue expansion. In terms of what Patterson will be watching for in the print, Search remains front and center. The analyst projects &#34;Search posting &gt;12% y/y growth,&#34; supported by stable query trends and improving ad monetization. He estimates Search revenue at about $55.5 billion, roughly 1% above Street forecasts. Patterson also sees room for upside surprises from YouTube and Cloud, particularly as the latter benefits from easing data center constraints. On Cloud specifically, Patterson pointed to management commentary suggesting the business could re-accelerate into next year: &#34;Microsoft's recent comment on data center constraints persisting into 2026 suggests that Google Cloud's growth could still vary each quarter. We view this as more of a timing issue vs. a structural problem.&#34; The analyst also highlighted Waymo's growing traction and Gemini's December expansion as incremental positives for the AI narrative. Despite the stock's 42% rally this year, Patterson believes that Alphabet's story is far from played out. &#34;As these businesses scale, we see a combination of positive earnings revisions and likely some lift to the P/E multiple. Net, we are mindful of recent performance but still believe there are plenty of reasons to stay bullish on GOOGL,&#34; the analyst summed up. So, that's KeyBanc's view, what does the rest of the Street have in mind? The current outlook offers a conundrum. On the one hand, based on 28 Buys and 8 Holds, GOOGL stock has a Strong Buy consensus rating. However, after soaring this year, the analysts expect shares to stay range bound for now. (See GOOGL stock forecast)</div>

GOOGL

GOOG

GGLS

GGLL

Options traders anticipate a significant $207 billion move following Alphabet's earnings report. KeyBanc analyst Justin Patterson raised his price target for GOOGL from $265 to $300, maintaining an Overweight rating. He cites accelerating product momentum in Search, Cloud, and Waymo, projecting earnings per share of $2.95 for the quarter. Patterson expects 12-13% annual revenue growth and highlights potential upside from YouTube and Cloud. Despite a 42% stock rally this year, he remains bullish on GOOGL, supported by a Strong Buy consensus rating from analysts, although shares may remain range-bound for now.

- KeyBanc analyst Justin Patterson raised his price target for GOOGL to $300, citing accelerating product momentum in Search, Cloud, and Waymo.  
- He projects earnings per share of $2.95 for the quarter, driven by strong revenue growth and share repurchases, while noting that Alphabet's current valuation is not demanding.  
- Despite a 42% stock rally this year, Patterson remains bullish on GOOGL, supported by a Strong Buy consensus rating from analysts, although they expect shares to remain range bound for the time being.  

Options Traders Are Bracing for a $207B Move After Alphabet (GOOGL) Reports Earnings