The firm has a $43.price target on the stock. Nomura's analysts noted that the move was a valuation call.
The stock is up 3.64% to $31.62 in pre-market trade.
Uber announced that it has restarted its autonomous vehicle efforts following an investigation into a collision involving one of the cars on Friday.
Alphabet's top line could take a hit in 2017 as a result of AT&T, Verizon and other advertisers pulling ads from YouTube.