Citizens analyst Andrew Boone raised the firm’s Alphabet (NASDAQ: GOOGL) price target from $385 to $515 on Monday, May 4, keeping an ‘Outperform’ rating.
The new price target, currently Wall Street’s highest, comes following Google’s positive quarterly report, which sent the shares flying nearly 12% on the weekly chart.
Indeed, the technology company reported revenue of $109.9 billion, up 22% year-over-year, with Google Cloud revenue alone jumping 63% to more than $20 billion.
Likewise, Alphabet’s momentum has been driven by the integration of artificial intelligence (AI) across its broader ecosystem, while Waymo is adding further support beyond advertising and cloud computing.
According to Boone, Tensor Processing Unit (TPU) commercialization and the growth of the addressable AI market are the primary growth drivers.
Freedom Broker lifts Google price target, downgrades the shares to ‘Hold’
Freedom Broker also raised its Google stock price target, going from $365 to $400 on Monday. However, the firm downgraded the stock from ‘Buy’ to ‘Hold.’
Despite strong quarterly results, the analysts pointed to stretched valuation levels, which have been one of the biggest concerns in the broader sector for months now.
Nonetheless, the firm also raised its 2026 capital expenditure outlook, citing clear monetization pathways through both Google Cloud and Search.
Is Google stock a buy?
Google has received several other price revisions so far in May. For example, Argus Research upped its forecast from $385 to $440 on May 1, while Citi increased its own prediction from $405 to $447, both with a ‘Buy’ rating.
Similarly, J.P. Morgan reiterated its own ‘Buy’ rating with a $460 price target, while Jefferies increased its target from $400 to $445, also doubling down on a ‘Buy’ recommendation.
Google stock price target. Source: TipRanks
Overall, the average Google share price target for the next 12 months sits at $421.7 at the time of writing, based on 33 analyst takes available on TipRanks. Compared to the current price, the projected figure implies a 9.34% upside.
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