Two years ago, Wall Street was asking whether AI would destroy Google Search. The question drove real anxiety among Alphabet investors and pushed some analysts to cut targets. The data Piper Sandler just published suggests that question may have been the wrong one entirely.

The right question, it turns out, is how much AI is making Google Search stronger, and the answer is increasingly measurable.

Piper Sandler raises GOOGL target: why the data matter

Piper Sandler analyst Thomas Champion raised his price target on Alphabet (GOOGL) to $445 from $425 on June 1, maintaining his overweight rating.

The raise accompanied Piper Sandler’s first published analysis of citation data across Google’s AI Overview and AI Mode. The…