Citizens analyst Andrew Boone reiterated a Market Outperform rating and $385.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst commented, " AI expands the search market and there is room for both OpenAI and Google to meaningfully grow search revenue. Without extending AI search with Instant Checkout or agentic actions, we believe "earlier in the shopping journey" or consideration-based queries are helping make search broader and also more incremental. This is enabled by the better understanding of queries, and we believe is leading to an acceleration in query growth overall. As we look to Instant Checkout or agentic search, it is easy to see search budgets begin to take share from retail media, which is a $140B category (vs. search at $217B), per Magna, which could expand the search TAM by 41%."

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Shares of Alphabet closed at $317.24 yesterday.