Alphabet Options Heat Up: Calls at 310, Puts at 265 Signal Bullish Setup as Analysts Target $340+ in 2026

• Alphabet (GOOGL) is trading near key levels with bearish intraday momentum but strong options positioning.
• Call open interest is concentrated at 310, while puts dominate at 265—highlighting a bullish imbalance.
• A $340 price target by May is being floated by analysts, aligning with heavy call volume and block trade activity.

The data tells us something important: while the stock is down -0.66% today, the options market is clearly leaning bullish. Open interest shows a call-heavy setup at 310 and a put-heavy short-term floor at 265. And with analysts upgrading and AI momentum building, the risk/reward is skewing toward upside.

Decoding the Call-Put Imbalance at Key Strikes

Alphabet’s options chain tells a clear story. On Friday (4/3), the highest open interest for OTM calls is at $310, with 7,325 contracts outstanding. That’s a major psychological level for bulls. Just below that, $305, $302.5, and $307.5 also show decent call interest. For puts, the top strikes are $265 (12,926 OI) and $285 (6,662 OI), suggesting a short-term floor in the $265–285 range.

This call-to-put imbalance—particularly in the 300–310 range—points to a growing conviction that the stock could break out from its current range. If the stock closes above 300 in the next few days, the next level of call OI at 310 could become a self-fulfilling target.

Looking ahead to the next expiration on 4/10, the 310 call OI remains high at 7,312. That’s a strong sign that market participants are buying time—waiting for a move that could be driven by positive earnings or AI news.

Don’t ignore the puts either. The 265 put has 12,926 contracts in open interest, which is a key short-term support level. If the stock breaks below that, it could trigger a wave of put sellers and more selling pressure. But so far, it’s holding.

And then there’s the block trade data: A 4/6 expiring call (GOOGL20260406C297.5) with 1,000 contracts traded at a turnover of $173,000 suggests large players are accumulating options just above current levels. That’s a bullish signal. Another block trade at 295 (GOOGL20260618P295) is a put, which may indicate hedging ahead of the June expiration.

News Flow Backs Up the Bullish Narrative

Alphabet is in the news for all the right reasons. Wells Fargo raised its price target to $397 on the back of Google Cloud growth. Analysts are upgrading across the board—President Capital, Daiwa, Jefferies—and the “Outperform” rating from AI-related strength adds to the narrative.

Google itself is rolling out new AI tools like Veo 3.1 Lite and deepening its partnership with Nvidia. These aren’t just buzzwords—Google Cloud’s AI infrastructure is now competing directly with AWS and Microsoft, and enterprise clients are taking notice. The dividend is modest, but it’s a sign of financial confidence and stability in a high-growth stock.

There’s also a clear earnings tailwind. Q1 2026 EPS is expected to come in at $2.67, with revenue rising to $100.77 billion. That’s a solid report that could push the stock to retest—and potentially break—its 200D resistance at $311.56.

Actionable Trade Ideas for Stock and Options

For options traders, the 310 call on 4/10 (GOOGL20260410C310) is the most compelling. It’s just above the current price and has strong open interest. If the stock closes above 300 and holds the 265 support, this call could see a nice pop. A tighter play is the 307.5 call (GOOGL20260410C307.5), which is closer to the current price and offers more leverage.

If you're bullish but cautious, the 295 call (GOOGL20260618C295) is a longer-dated alternative. It gives you time to see how the Q1 earnings and AI rollout play out. And if the stock dips near 290, the 290–295 range could be a good entry point.

For stock traders, watch the 290–295 level. If the stock holds there and shows signs of rebound, consider entering near $295 with a stop just below the intraday low of 289.45. A bullish breakout above 300 would suggest a target zone of 310–315, with 320 as a longer-term ceiling if the AI momentum builds.

Volatility on the Horizon: Time to Position or Hesitate?

The data, the news, and the options flow are all pointing toward a stock that’s ready to break out. While the short-term trend is sideways, the long-term technicals and sentiment are bullish. With multiple analysts now forecasting $340+ by May, and a strong call imbalance at key strike prices, it’s a setup worth watching closely.

The next few days will be crucial. If the stock breaks the 300–305 range and holds it, the 310 call OI could become a self-fulfilling prophecy. But if it drops below 290, the puts at 265 and 285 will become critical support levels.

In short: the market is pricing in a breakout. Whether you trade options or the stock, now is the time to listen to the data and act before the move gains steam.