Citizens Reiterates Market Outperform on Alphabet, $515 Price Target

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

“Alphabet reported revenue and GAAP operating income slightly above consensus.

Search revenue Y/Y growth ex-FX was similar to 1Q26, despite a two-point tougher comp and Cloud revenue growth accelerated 17 points, to +81% Y/Y, as Google’s backlog increased by $52B Q/Q.

AI continues to improve Google’s business broadly as 2Q results were strong.”

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