BMO Capital analyst Brian J. Pitz reiterated an Outperform rating and $215.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst commented, "Google I/O contextualized how Alphabet will integrate and monetize 20+ years of AI initiatives and pursue the first big search transformation in as many years with Project Astra. Specifically, 1) monetization of AI Overview improving ROAS, 2) cost to serve declining 80%, and 3) Gemini integrating at the OS level across smartphones. Bears likely argue recent OpenAI multimodal Agent demos are more advanced/fluid, but we argue that GOOGL leverages significant scale advantages (billions of users) and ecosystem integration (1P map/email/photo/search/YouTube/other data) longer-term. Reiterate Outperform and $215 target price."

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Shares of Alphabet closed at $170.22 yesterday.