Like Alphabet (NASDAQ: Google) is waging an intense battle for artificial intelligence (AI) talent, Citizens analyst Andrew Boone has issued his 12-month assessment of Google’s share price.
On June 22, Boone reaffirmed his “market outperform” rating and $515 price target for Google’s stock price. Boone highlighted the risks of retaining talent and the challenges associated with acquirers, pointing to the recent departure of Google’s vice president of engineering and co-leader of Gemini, Noam Shazier, to OpenAI.
He pointed out that the departure revives a state of decline that has existed for two to three years. At the time, concerns were raised about this alphabet It will lose top AI talent to competitors, which could undermine its ability to maintain its leading position in AI development.
Despite these risks, Boone maintained a cautiously positive outlook on Google’s stock price as he continued to monitor executive moves in the AI sector. He also highlighted Alphabet’s previous $2.7 billion agreement to license Character.ai technology, a deal that underscored the company’s commitment to enhancing its AI capabilities.
“Going back, the argument for Google two to three years ago was that it would lose talent to OpenAI and Anthropic and wouldn’t be able to catch up in AI development. We continue to monitor executive moves for that reason,” male.
Google stock price and performance forecasts
As a result of Boone’s coverage of Google shares, the average forecast for Alphabet stock is about $427.38, at press time, according to Data from TipRanks.
Year to date, Google stock is up about 9.8%, trading at about $345.81 at press time. As a result, the company’s market capitalization reached about $1 trillion.
As such, Boone’s price target of $515 suggests an upside of 48.9% from current levels, well above the broader analyst consensus target of $427.38, suggesting a gain of 23.6%.
