Evercore Boosts GOOGL Price Target to $450 on Google Search Strength

Evercore analyst Mark Mahaney has increased his price target for Alphabet (GOOGL) stock to $450, representing a potential upside of 30%. This move comes after Evercore's tenth proprietary Search survey showed 'strength and recovery' in Google's Search business.

The survey results highlight Google Search's dominance, with 78% of respondents selecting it as their primary search engine in August 2026. This is an improvement from the low of 70% seen in 2024 and early 2025. Mahaney also noted that ChatGPT remains the leading long-term market share gainer, up 9 percentage points to 10% from June 2024.

On AI adoption, Mahaney observed that Gemini has narrowed the selection gap to a record low of three percentage points, with ChatGPT slightly ahead at 58%. 'Our main stock takeaway is increased conviction in Google Search's growth outlook,' said Mahaney.

Mahaney raised his Search revenue estimates, expecting 16%, 13%, and 11% growth in 2026, 2027, and 2028 respectively. His revised estimates for 2028 total revenue and operating income are now 4-5% above Wall Street's expectations.