Although Alphabet (NASDAQ: GOOGL) lost nearly $510 billion in its market capitalization over the past three weeks, Scott Devitt, a Wall Street analyst at Rosenblatt Securities, expects this stock to rally to a new all-time high (ATH) over the next 12 months.
Devitt initiated a ‘Buy’ rating for GOOGL stock, according to a note sent to clients on August 19 and analyzed by Finbold on August 20. He set the firm’s 12-month price target for Alphabet stock at $410, therefore suggesting a potential 20.62% upside.
“The Buy thesis centers on Alphabet’s hyperscaler role and sustained Cloud momentum, with Cloud deceleration identified as the key pressure point,” Devitt stated.
Rosenblatt argued that this company’s Cloud momentum, amid AI (Artificial Intelligence) boom, is expected to support the next bullish leg. Specifically, this analyst believes that Alphabet’s AI computing capacity and Tensor Processing Unit (TPU) sales past 2027 could boost GOOGL’s bullish sentiment.
On the bearish outlook, Devitt urged Alphabet investors to watch for a possible deceleration in Cloud growth, as it would ultimately reduce bullish sentiment.
GOOGL stock price forecast
Following a ‘Buy’ rating from Rosenblatt Securities, 29 Wall Street analysts surveyed by TipRanks have set an average 12-month price target of $422.22, implying a likely 24.22% uptick.
Amid the Strong Buy rating from these analysts, the highest 12-month price forecast for GOOGL stock is $465 while the lowest is $350.
As a result, the average targets from these analysts indicate GOOGL’s price could rally to a new ATH over the coming 12 months.
Alphabet Class A shares price performance
Year-to-date (YTD), GOOGL’s price has risen by over 7.8%, thus its market capitalization climbed to $4.2 trillion. Worth noting that this company’s market cap surged to an ATH of approximately $408.12 on May 18, 2026.
If GOOGL stock continues with its YTD uptrend, the analysts’ target of a new ATH could be reached.
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