Alphabet has room to run due to Google being well positioned to emerge as a frontrunner in the artificial intelligence race, according to Wells Fargo. The bank raised its price target on Alphabet to $397 from $387, implying 41% upside from Thursday’s close. It maintained an overweight rating on the tech giant. “GOOGL has all the pieces necessary to be an AI winner, with an industry-leading capacity position to support internal efforts (Search, Gemini) and monetize externally through GCP, broad distribution network, and vast consumer data,” analyst Ken Gawrelski said Thursday in a note to clients. “We’re more comfortable with Google’s competitive position in search, given progress with AI mode and Gemini adoption, and overall see AI as TAM expanding.” GOOGL YTD mountain GOOGL year to date Google has made several moves to become a bigger player in the AI industry, competing with other Silicon Valley heavyweights such as Meta and Amazon.com . Last fall, Google struck a deal with…