BofA Securities Reiterates Buy Rating on Alphabet Ahead of I/O, $430 Price Target

BofA Securities analyst Justin Post reiterated a Buy rating and $430.00 price target on Alphabet (NASDAQ: GOOGL).

“Alphabet will kick off its annual developer event (I/O) on May 19 with the keynote at 10am PST.

While the event is developer-focused and unlikely to include financial updates, we expect a broad slate of AI announcements centered on next-gen Gemini LLM capabilities, Gemini powered O/S improvements, deeper Gemini integration across products, search utility improvements, and smart glasses capabilities (we note 8th gen.

TPUs recently announced at Google Cloud Next). Agentic AI will likely be a top theme, with Google expected to announce more autonomous capabilities across its products.

Expectations are a bit elevated into this year’s event, in our view, so N.T. risk is that lack of a “wow” announcement could pressure the stock.

We think longer-term investors will appreciate Gemini improvements, benefits from AI integration across Google’s product stack, and Google’s strong position for agentic assistant leadership.”

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