Evercore ISI 重申 Alphabet 跑赢大市评级及 450 美元目标价，大幅上调 TPU 外部销售与云收入远期预测

Evercore ISI reiterated its Outperform rating and $450 price target on Alphabet, projecting that external sales of Google's ( GOOG ) artificial intelligence chips could generate $75 billion in revenue in 2027 and $113 billion in 2028. PT represents about a 30% upside from the stock's last close. Analyst Georgia Anderson estimates its Tensor Processing Unit, or 'TPU,' hardware sales will reach about $7.5 billion in the second half of 2026. Alphabet ( GOOG ) began recognizing revenue from TPU-system sales in the second quarter and expects the “significant majority” of revenue from existing agreements to be recognized in 2027. The analyst raised its 2027 Google Cloud ( GOOG ) revenue estimate to $213 billion from $180 billion and its overall Alphabet revenue forecast to $651 billion from $618 billion. Industry checks cited by the brokerage found that TPUs could offer “20-40% lower costs” for customers with experienced engineering teams. However, software limitations, a shortage of specialized talent and platform performance gaps remain barriers to broader adoption. Evercore's price target is based on 25 times its 2028 GAAP earnings estimate and 14 times its 2028 EBITDA estimate. The brokerage also flagged regulatory scrutiny and competition from Meta ( META ), Amazon ( AMZN ), and Microsoft’s Azure ( MSFT ) as risks. Shares were trading about 3% lower on Friday.