Overview

• Jefferies reaffirmed its Buy rating on Alphabet with a $210 price target, citing resilient search performance and the scale of its generative AI investments.
• Citizens JMP upgraded Alphabet to Market Outperform with a $220 forecast based on projections that AI Overview users will grow from 1.5 billion monthly now to 4 billion by Q3 2025.
• Bulls argue Google’s 90% search market share, extensive first-party data and a 480 trillion-token Gemini model create a defensible moat supporting revenue upside.
• Bears warn that competition from ChatGPT could erode user engagement and that the path to monetizing generative AI features remains uncertain against ongoing DOJ antitrust scrutiny.
• With GOOGL trading near $173, the stock offers over 20% upside to top targets while Alphabet’s record 40% operating margin and cloud revenue growth fuel its AI investment capacity.