Alphabet Stock Is Pulling Back From Its High. Here's Why I'd Buy the Dip.

Alphabet shares are pulling back after a strong earnings report, trading at $338.86 and down 10.39% over the past month from a recent high of $404.23. The 24/7 Wall St. view sets a target of $433.88, implying 28.19% upside over 12 months, and the piece calls for a high-confidence “buy.” It points to investor focus on costs rather than revenue: Q2 2026 sales rose to $119.80 billion (+24.23% YoY) with EPS of $9.11 versus an estimate of $3.0427. Google Cloud grew 82% to $24.8 billion, with backlog at $514 billion, but capex reached $44.92 billion, free cash flow fell to negative $5.86 billion, and debt rose to $98.2 billion; management suspended buybacks and guided 2026 capex at $175–$185 billion.