Alphabet is rated Buy with 15–25% upside, driven by underappreciated ad business and backlog revenue potential. GOOGL's valuation concerns over AI CapEx are overblown, as the company is positioned for post-AI steady-state growth. An 18.2% implied upside is supported by a $449.92 target, using a 16x EV/EBITDA exit multiple and 9.67% WACC.