** Wells Fargo upgrades Alphabet GOOGL.O to "overweight" from "equal-weight" rating

** Brokerage projects co will boost compute capacity to 35GW by 2028, up from 15GW at end‑2025, widening its competitive advantage over hyperscaler peers

** Co reported its results earlier this month, saying capex could nearly double this year as it steps up spending to ease computing bottlenecks and stay competitive in the AI race

** Shares of co are marginally up premarket

** Wells Fargo raises PT to $387 from $354, representing 22.8% upside to stock's last close of $314.98

** Brokerage sees new opportunities for co to leverage its strength in compute capacity, distribution and consumer data

** 53 of 61 brokerages rate stock "buy" or higher, 8 "hold"; their median PT is $377.5 - data compiled by LSEG

** Stock up 0.63% YTD as of last close; up 65.35% in 2025

(Reporting by Kanishka Ajmera in Bengaluru)

((mail to: Kanishka.Ajmera@thomsonreuters.com))