TD Cowen sees an artificial intelligence-driven rally ahead for Alphabet stock. The investment firm reiterated its buy rating on the Google search engine parent. Analyst John Blackledge also raised his price target to $350 from $335. Shares of Alphabet have surged 65% this year. Blackledge’s renewed target implies the stock could add another 12% from Thursday’s close. GOOG YTD mountain GOOG YTD chart Blackledge wrote that he was raising his price target on the heels of the successful integration of artificial intelligence overviews within Google Search. He now sees Google Search growing at a compound annual growth rate of 10.2% over the next five years, versus 9.6% prior. The analyst attributed this higher Google search usage and query growth to the AI mode adoption. He also raised his Gemini monthly average users estimates to 850 million at the year end of 2025, up from prior estimates of 600 million. By 2030, the Gemini app could reach nearly three billion monthly average users. “We are raising GOOG Search estimates on our positive U.S. survey data which indicates i) ramping Gemini chatbot usage following the launch of Gemini 3, ii) continued increases in Search engagement driven by AI Mode and AI Overviews usage, and iii) an increasing share of ChatGPT users that are also using Gemini,” the analyst wrote. Blackledge also pointed to Alphabets advertising business as another highlight. “Google is the best-positioned mobile advertising company, in our view, due to its leading mobile advertising revenue position, robust capabilities, and traffic advantage relative to its peers,” he added. “GOOG’s advertising offering, combined with its competitive cloud franchise, and AI tech-focused DNA, results in a digital powerhouse and yields a forecast of double-digit annual top-line growth and similar double-digit annual EBITDA growth over time.”
