Bank of America Maintains Buy Rating on Alphabet with $430 Price Target, 10.9% Upside

According to Bank of America analysts Justin Post and Nitin Bansal, the bank maintained its "buy" rating on Alphabet on May 20, with a price target of $430, representing 10.9% upside from the current price of $387.66. The analysts cited Google's AI user growth metrics disclosed at its I/O conference: AI Overviews reached 2.5 billion users, AI Mode hit 1 billion users (doubling quarterly), and Gemini monthly active users grew to 900 million from 400 million a year ago. Bank of America said the growth "demonstrates Google's successful transition of search users to AI-native experiences, reducing competitive disruption risks."
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