Alphabet price target raised to $290 from $250 at Citizens JMP

Citizens JMP analyst Andrew Boone raised the firm’s price target on Alphabet (GOOGL) to $290 from $250 and keeps an Outperform rating on the shares. Google announced the “next Chrome era” as it integrates Google AI into Chrome across multiple levels, with Google saying this is “the biggest upgrade to Chrome in its history,” the analyst tells investors in a research note. With this move, Google is reinforcing the value of its distribution, and Citizens increasingly believes that only a platform shift could usurp the position of Google search given Android, Chrome, and its Apple (AAPL) contract.