Cantor Reiterates Neutral on Alphabet (GOOGL), Citing Long-Term AI Upside From Gemini 3

Alphabet Inc. (NASDAQ:GOOGL) is one of the AI Stocks Analysts are Tracking Closely. On December 3, Cantor Fitzgerald analyst Deepak Mathivanan reiterated a Neutral rating on the stock with a $310.00 price target. The firm sees long-term AI upside from Gemini 3 but remains cautious on near-term valuation stretch.

According to the firm, Alphabet will likely see advantages from the deployment of Gemini 3, its latest AI model, across Search, AI mode, and Cloud; in FY26.  Discussing the model’s moat, the firm noted how the company has kept the architecture of Gemini quite confidential.

Photo by Kai Wenzel on Unsplash

Despite the secrecy, it appears that Gemini 3’s advancements are derived from “scaling pre-training, training on large TPU compute, efficiency gains on compute utilization (AlphaEvolve), and leveraging training data from Google services.”

The firm believes that even though some of these are structural advantages, it is likely that other AI labs will begin to demonstrate progress with training runs on larger infrastructure. This will enable them to close the gap with Gemini 3 over the course of 6-12 months.

“Historically, SOTA models have stayed on top of leaderboards for an average of ~60 days.”

Overall, the firm holds an optimistic outlook for 2026. However, it believes that shares may experience some near-term consolidation following its recent outperformance.

Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.

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Disclosure: None.