Banking giant cuts Google stock price target by 12%

After a difficult five months for Alphabet (NASDAQ: GOOGL ) stock , Citizens JMP analyst Andrew Boone pulled back on his previous Street-high Google equity price forecast of $515. Specifically, on Thursday, October 22, the institutional expert made a 12.62% cut to his target, decreasing it to $450, meaning that, instead of estimating a 53.84% rally from the latest close at $334.76, he now anticipates a 34.42% rise. Boone highlighted rising search competition from artificial intelligence ( AI ) agents – and, notably, Google has been facing criticism of a worsening service for years, with anecdotal evidence hinting that AI is already seizing some of the market share – and ‘execution risk’ as key factors behind the downgrade.

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