Wall Street analyst updates Google stock price

Core Viewpoint - A Wall Street analyst projects upside potential for Alphabet stock due to advancements in artificial intelligence, maintaining a price target of $290, which indicates a potential upside of about 15% from the current level of around $247 [1][3]. Group 1: Analyst Insights - Citizens analyst Andrew Boone reaffirmed a 'Market Outperform' rating on Alphabet, highlighting the company's progress in integrating AI across its ecosystem [1][3]. - Boone noted that competitive pressure is increasing due to OpenAI's rapid product rollout, emphasizing the need for Google to accelerate its AI deployment to keep pace with ChatGPT's advancements [3][4]. - The overall sentiment remains constructive, recognizing Alphabet's AI leadership, but risks are associated with ChatGPT's expanding partnerships with companies like Nvidia and AMD [3][4]. Group 2: Market Outlook - The broader Wall Street outlook on Alphabet is cautious, with an average 12-month price target of $247.06 based on 37 analyst ratings, implying a modest decline of 0.42% from the latest trading price [5]. - Despite the cautious outlook, the consensus analyst rating for Alphabet stands at 'Strong Buy' [5]. - Forecasts for Alphabet's stock price vary widely, with the most bullish estimate at $300 and the most bearish at $187 [6].