KeyBanc analyst Justin Patterson reiterated an Overweight rating and $200.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst commented, "We expect Google I/O 2024 to reinforce our thesis that: 1) Alphabet has meaningful scale; and 2) AI creates new monetization opportunities. While audio and visual recognition capabilities may receive increased scrutiny post OpenAI's Monday event, we are more focused on the Android device ecosystem. Apple and Meta have already signaled how AI is creating new opportunities in mobile and wearables (both across devices and underlying services), and we would be surprised if Google were left out of the conversation. We reiterate our Overweight rating and $200 PT (22.7x 2025E P/E)."

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Shares of Alphabet closed at $169.16 yesterday.