Alphabet Inc. (NASDAQ:GOOGL) is now in the middle of its hottest run since the company first hit Wall Street, with shares rising nearly 5% to $286 on Thursday morning—marking a 63% rally over the last four months, its strongest performance since the early months of its 2004 IPO.

The surge follows a blockbuster third-quarter report and swelling analyst confidence that Alphabet's AI momentum is accelerating and far from priced in.

Analysts at Goldman Sachs and Bank of America are both raising their price targets, citing accelerating fundamentals and a clear lead in AI-driven services.

Chart: Google Notches Best 4-Month Rally Since December 2004

Goldman And BofA See Double-Digit Upside From Here

Goldman Sachs lifted its 12-month price target on Alphabet to $330, reflecting a 15% upside from current levels. The investment bank believes Alphabet is "increasingly well-positioned" for the multi-year transition toward AI-powered consumer and enterprise computing, with its AI solutions gaining scale across Search, Cloud, and Gemini.

Bank of America is even more bullish, raising its price target to $335, implying a 17% upside.

Analyst Justin Post said Google’s strong ...