Citi Maintains Alphabet as Top Pick With $447 Price Target After Google I/O 2026

According to Citi, Alphabet's Google I/O 2026 conference on May 22 demonstrated accelerating product updates and deeper integration of Gemini across its portfolio, bringing the company closer to its goal of becoming a universal AI assistant. The bank highlighted key releases including redesigned Google Search, Gemini Flash 3.5, AI Agent features, and Universal Cart capabilities in agentic commerce.

Citi reiterated its "buy" rating and $447 price target for Alphabet, noting growing confidence in Gemini's ability to drive search query growth. The bank cited Gemini's 900 million monthly active users, its efficient 3.5 Flash model, and growing adoption processing 32 quadrillion tokens monthly.