Rosenblatt Securities analyst Scott Devitt has initiated a 'Buy' rating for Alphabet (NASDAQ: GOOGL) stock, setting a 12-month price target of $410. The target suggests a potential 20.62% upside following a period where Alphabet lost nearly $510 billion in market capitalization over three weeks.
In a note sent to clients on August 19, Devitt outlined the thesis behind the rating, pointing to Alphabet's hyperscaler role and sustained Cloud momentum as core drivers. Rosenblatt argued that the company's Cloud momentum during the artificial intelligence boom will support future bullish performance, with AI computing capacity and Tensor Processing Unit sales past 2027 expected to boost sentiment.
However, the analyst also highlighted potential risks for investors, noting that a deceleration in Cloud growth serves as a key pressure point that could reduce bullish sentiment.
Following Rosenblatt's rating, data surveyed by TipRanks shows that 29 Wall Street analysts have established an average 12-month price target of $422.22 for GOOGL, implying a 24.22% uptick. Forecasts within this group range from a high of $465 to a low of $350.
Alphabet's stock has risen by over 7.8% year-to-date, bringing its market capitalization to $4.2 trillion. The company previously reached a market cap high of approximately $408.12 on May 18, 2026. Analysts' targets suggest the stock could rally to a new all-time high over the coming 12 months if the year-to-date uptrend continues.
