Bank of America Securities has doubled down on its bullish Alphabet thesis, reiterating a Buy rating with a $430 price target on Google’s parent company. The call comes ahead of Alphabet’s next earnings report and follows the Google I/O 2026 event, where the company showcased AI capabilities that left BofA’s analysts feeling confident about their position.
BofA’s conviction centers on two pillars. First, Alphabet’s AI development pace, which the bank describes in terms of “velocity.” Second, Google Cloud’s performance, which posted a 63% revenue increase with a backlog now exceeding $460 billion.
BofA has raised or reset its earnings per share and revenue estimates for Alphabet multiple times throughout 2026. Each adjustment has trended upward, reflecting growing confidence in the company’s ability to monetize its AI investments. Alphabet has raised approximately $80 billion through equity sales this year, primarily to fund its AI buildout.
While the Alphabet call grabs headlines, something arguably more interesting is happening on BofA’s digital asset side. The bank now recommends that clients allocate 1-4% of their portfolios to digital assets. BofA is actively covering major Bitcoin ETFs, giving its wealth management client base direct exposure to crypto through traditional brokerage channels.
