Рейтинг крупных банков | JPMorgan: в этом году важность активности Google Cloud Services превзойдет предыдущие годы, рекомендация по Alphabet остается "покупать"

According to Golden Ten Data on April 21, JPMorgan released a report stating that the Google Cloud Next 2026 event, to be held from April 22 to 24, carries more weight than in previous years. This is because the importance of Google Cloud as the company's second-largest business line is increasing, and it is the fastest growing segment. Revenue growth accelerated from 48% year-on-year in the fourth quarter of last year to an estimated 61% in the first quarter of this year, while the order backlog surged by about 160% year-on-year in the fourth quarter last year, reaching $240 billion.

In terms of profit margin, Google Cloud's operating profit margin expanded by 960 basis points year-on-year to 23.7% last year, and it is projected to expand further to 27.9% this year.

The bank expects that this year's event will highlight the sustained growth momentum that Google Cloud has accumulated over the past three years. The core question ahead of the event is whether investments in AI infrastructure and models can translate into sustainable enterprise adoption, repeatable investment returns, and resilient unit economics. The event is expected to emphasize the significance of Google’s massive capital expenditure.

JPMorgan reiterates its “Overweight” rating on Alphabet and its target price of $395.