Although Alphabet (NASDAQ: GOOGL) stock has experienced a strong rally since early 2025, catalyzed by the Artificial Intelligence (AI) boom, Andrew Boone, a Wall Street analyst at Citizens, expects another uptrend towards a new all-time high (ATH) over the next 12 months.
Boone reiterated a ‘market outperform’ rating for GOOGL stock, according to a note sent to clients on August 31. He also maintained this firm’s 12-month price target at $515. With GOOGL hovering at $337.79 on Monday, this analyst signals a potential 52.46% upside.
Citizens based Alphabet’s further uptrend, over the next 12 months, on the company’s strong vertical integration and the strategy of owning both upstream infrastructure and downstream consumer products.
“Anthropic explored, then abandoned, the acquisition of MatX, an AI-chip company founded by former Google (GOOGL, MO, $515 PT) TPU engineers…with the announcement of OpenAI’s Jalapeño chip, vertical integration is just beginning for the frontier labs,” Boone noted.
This analyst argued that vertical integration in the AI space is in the early stages, but Alphabet has already demonstrated its capabilities in it over the years. Notably, Alphabet has achieved strong vertical integration by managing its entire product ecosystem in-house, including cloud data centers and core consumer platforms like Google Search and YouTube.
With the AI boom expected to extend amid rising enterprise demand, Alphabet is well positioned to significantly benefit in the near future.
GOOGL stock price forecast
As Citizens reaffirmed its $515 price target for this company, 29 Wall Street analysts surveyed by TipRanks have set an average 12-month price target of $422.22, suggesting a possible over 24% upside.
Alphabet’s share price performance
Year-to-date (YTD), GOOGL price has gained by more than 7%, thereby pushing the company’s market capitalization to roughly $4.2 trillion at the time of publication.
Although GOOGL stock has fallen by over 15% since early May 2026, these analysts believe a fresh rally could occur in the coming months.
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