Citizens raises Alphabet price target to $515 on AI infrastructure growth

Citizens Financial Group has reiterated its “Market Outperform” rating for Alphabet, raising its price target to $515 from $385. This update comes as the company enters an early stage in the AI infrastructure cycle, driven by enterprise demand for hyperscaler growth. Analyst Andrew Boone points to Alphabet’s strong position in AI, particularly through its Tensor Processing Units (TPUs), vertical integration, and commercialization efforts. The stock closed at $357.18 on July 10, 2026, with the new target suggesting a substantial upside of approximately 44% from current levels.

Key Takeaways

• Citizens’ revised price target for Alphabet appears to reflect confidence in the company’s AI infrastructure positioning.
• Market pricing suggests participants view Alphabet’s growth in cloud and AI as potentially influential in elevating its market cap rank.
• Current sub-market odds indicate mixed expectations for Alphabet becoming the second-largest company by market cap by the end of July.

What to Watch

Watch for Alphabet’s Q2 2026 earnings report, particularly revenue metrics and cloud growth rates, as these may influence market perceptions of the company’s potential to increase its market cap. Additionally, competitive developments from rivals like Apple and NVIDIA could shift market dynamics. Any significant changes in price targets or analyst ratings from major financial institutions could also impact expectations related to Alphabet’s market positioning.

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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.