JPMorgan and Goldman Sachs cut Alphabet price targets after worst single-day drop in company history (Oct 30)

What happened

JPMorgan lowered its Alphabet price target from $425 to $375 while maintaining its Overweight rating (confirmed via Morningstar/MarketWatch and TradingView/Benzinga on Oct 29; analyst Doug Anmuth). A claimed Goldman Sachs cut from $435 to $385 (Buy maintained), reported by overnight CoinDesk coverage, could NOT be independently verified — the most recent verifiable Goldman note on Alphabet is dated July 23, 2026 ($440 to $435). The Goldman portion of this alert should be treated as unverified unless/until confirmed by a second source. JPMorgan lowered its Alphabet price target from $425 to $375, and Goldman Sachs reduced its 12-month target from $435 to $385 — an ~11.5% cut — while maintaining its Buy rating, per overnight CoinDesk market coverage. The cuts followed Thursday's record session in which Alphabet (GOOGL) closed down 12.64% with $39.4B in trading volume, its largest single-day decline since its 2004 IPO, erasing nearly $500B in market value — the second-largest single-day market-cap loss in U.S. history. Goldman noted Q3 search and related revenue of $63.35B came below its $64.2B expectation and the $64.9B consensus, and kept focus on the maintained $195-205B 2026 capex guide with a significant further increase flagged for 2027.

Who’s affected

• Alphabet (GOOGL): two top-tier banks trimming targets the day after a record 12.6% selloff reinforces negative momentum; shares face continued technical pressure after erasing ~$500B in a day
• Nasdaq/mega-cap tech: Alphabet is a heavyweight; further analyst capitulation sustains the AI-spend anxiety that sank the Nasdaq 1.38% Thursday
• Meta/Microsoft/Amazon: all hyperscalers now being re-underwritten on the free-cash-flow cost of their AI buildout — JPMorgan and GS cuts on Alphabet keep the whole sector's leverage under the same scrutiny

Sources

kucoin.com