Citizens Research analyst Andrew Boone has set a street-high price target of $515 for Alphabet, indicating that the stock remains undervalued at its current price of $388. According to NS3.AI, Boone highlighted Alphabet's strong first-quarter earnings per share (EPS) of $5.11, which significantly surpassed the estimated $2.63. He also noted that the stock is trading at approximately 29 times the consensus earnings for 2026. Additionally, Boone pointed to Alphabet's substantial $460 billion cloud backlog as a key factor in his optimistic outlook.