Citizens' $515 price target for Alphabet Inc. (NASDAQ:GOOGL) may look like a stretch, sitting at a street-high above the $425 average. However, this aggressive target is based on something concrete, representing approximately 32 times its 2027 estimated GAAP earnings per share for the company.
Analyst Andrew Boone reiterated the target on August 26, along with a Market Outperform rating. As per the firm, the rating depends on Alphabet's consumer distribution across search, YouTube and Android platforms, with growth of Google Cloud Platform and the company's leading profit margins acting as supporting factors.
Photo by Kai Wenzel on Unsplash
While online advertising makes up a major part of Google's revenue, Google Cloud is becoming a major part of Alphabet Inc. (NASDAQ:GOOGL)'s business. Google Cloud's growth rate surged to 82% growth in Q2 2026, outpacing even Amazon Web Services and Microsoft Azure.
This growth rate was a sequential acceleration from the 63% growth rate reported in the first quarter and the 48% growth rate in the fourth quarter of 2025; largely driven by massive enterprise demand for artificial intelligence.

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