Alphabet stock forecast 2026: Scotiabank eyes $310 target as AI optimism grows

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Sholanke Dele

17.10.2025

Alphabet stock forecast 2026: Scotiabank eyes $310 target as AI optimism grows — GOOGL retests support near $247

Alphabet Inc. [GOOGL] stock has extended its winning streak this week after breaking out of a three-week bearish channel, driven by renewed optimism in the company’s fundamentals and bullish technical momentum.

The breakout midweek proved decisive as the stock surged further on Thursday, reaching a new all-time high of $257, surpassing its previous record of $256 set in September.

- Alphabet hits new all-time high at $257 before mild pullback toward $247 support.

- Scotiabank lifts price target to $310, citing cloud profitability and AI expansion.

- RSI and 20-day EMA confirm bullish structure, hinting at continued upside into 2026.

The breakout from the descending channel marked a strong shift in market sentiment that had held GOOGL stock under pressure for several weeks. Thursday’s 2.4% surge to a fresh record high triggered immediate profit-taking, which trimmed gains to a modest 0.2% close at $251.6. Still, it secured a fourth consecutive bullish day for Alphabet shares.

GOOGL stock price dynamic (Sept - Oct 2025). Source: Tradingview

That profit-taking continued into today’s session, Friday, October 17. During the premarket session, GOOGL stock declined by 1.7% to $246.6, as traders locked in profits after the sharp midweek rally. The pullback, however, is finding support at the $247 level, a critical zone reinforced by the 20-day exponential moving average (EMA) and the upper boundary of the previously broken channel. Technically, this retest of the breakout area may serve as a reaccumulation phase for bullish investors. The 4-hour and daily RSI readings remain in bullish territory, indicating scope for another leg higher if buyers regain control.

Alphabet’s strong fundamentals and sector tailwinds reinforce bullish setup

On the fundamental side, investor confidence continues to build around Alphabet’s recovery in digital advertising revenue. The company’s robust performance across its Search and Cloud divisions has underpinned this week’s buying momentum. Moreover, optimism is growing ahead of Alphabet’s upcoming earnings report, scheduled alongside other mega-cap peers such as Microsoft, Apple, and Meta. This anticipation of sector-wide strength has encouraged traders to position early for potential upside surprises.

Adding to the bullish outlook, Scotiabank raised its price target on Alphabet shares to $310 from $240, reflecting confidence in the company’s AI expansion and cloud profitability. If current technical and macroeconomic conditions align, GOOGL stock could extend its uptrend toward that target over the next year.

Overall, Alphabet’s strong breakout, supported by fundamental recovery and bullish technical structure, suggests that the stock may have exited its corrective phase and is preparing for a sustained push toward new highs.

We discussed Alphabet gaining 6.5% this week as a bullish breakout renewed investor conviction. Waymo’s planned London launch boosted Alphabet’s AI positioning and strengthened growth sentiment.

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