Citizens JMP analyst Andrew Boone lowered his 12-month price target for Alphabet (GOOGL) to $450. His previous $515 target was the highest on Wall Street. The reduction was 12.62%, reflecting growing competition from AI agents in search and perceived execution risk.
Boone maintained his Market Outperform rating, equivalent to Buy. Wall Street’s consensus rating is Strong Buy, with an average price target of $427.46.
Investors are weighing Alphabet’s AI and cloud leadership against concerns about rising spending and competitive pressure. In other news today, Google Cloud made OpenAI models available, a notable strategic shift in the AI landscape.