Alphabet Inc (GOOG  ) shares are climbing Monday. KeyBanc trimmed its price target, but kept its Overweight rating. Here's what you should know.

KeyBanc Trims Alphabet Price Target

KeyBanc analyst Justin Patterson held Alphabet at Overweight while lowering the price target to $410 from $435.

Patterson values the stock at 23.3 times 2028 earnings. The lower target stems from reduced earnings estimates for Google Services and a lower multiple on the profit TPUs add to Google Cloud.

Patterson remained bullish over the long term. The firm likes Alphabet's standing in AI and expects Waymo to turn into a meaningful revenue source eventually.

For now, much of the good news already appears in the share price, Patterson says, citing Cloud and TPU momentum. The release of Gemini 4 Argon also supports Patterson's view that Search growth and Services operating margin should come in no worse than in line, and possibly stronger.

Valuation is the risk, though. Patterson considers Wall Street's forecasts too aggressive. Shares could trade sideways until analysts reset those forecasts, he said.

Other Analysts Weigh In On Alphabet

Other analyst firms have also updated their views on Alphabet in recent days:

• UBS stayed at Neutral on Wednesday and edged its target up to $380 from $379.
• Needham reiterated a Buy rating on Oct. 8 and held its target at $450.

GOOG Shares Are Moving Higher

GOOG Price Action: Alphabet shares were up 1.29% at $341.23 at the time of publication on Monday, according to Benzinga Pro.