Wells Fargo cuts Alphabet target, sees cash flow turning

Wells Fargo lowered Alphabet's price target to $361 from $397 but maintained an 'Overweight' rating. The firm sees Q1 2026 as a pivotal moment for Alphabet's free cash flow. Wells Fargo cites stabilizing capex and improved cloud performance, signaling a potential positive shift in the tech giant's financial trajectory despite the reduced valuation.