Citizens JMP Reiterates Market Outperform on Alphabet, $515 Price Target

Citizens JMP analyst Andrew Boone reiterated a Market Outperform rating and $515 price target on Alphabet (NASDAQ: GOOGL).

“In Google’s State of AI infrastructure report (GOOGL, MO, $515 PT), 83% of organizations say they require infrastructure upgrades to support production-grade agentic AI with 29% stating the requirement of major upgrades to specific core systems.

We have yet to see enterprise AI spending fully proliferate, given that the infrastructure upgrade cycle remains early, which we view positively for hyperscalers.”

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