J P M O R G A N GOOGL, GOOGL US Price (13 Jul 26):$352.51 Price Target (Dec-26):$460.00 North America Equity Research 13 July 2026 Alphabet Inc. Model Update We are updating our model for debt (~$20B, see 8K filings here & here) and equity ($84.75B) raises in 2Q. We note $40B of the $84.75B equity raise is in the form of ATM that won't commence till 3Q26 and will be processed over time — we assume over a year beginning in 3Q. Our revenue and operating income estimates are unchanged. Our '26E & '27E GAAP EPS ...