As Alphabet (NASDAQ: GOOGL) stock added over 10% year-to-date (YTD) to become the world’s third most valuable company by market capitalization, Andrew Boone, a Wall Street analyst at Citizens, expects another rally over the coming 12 months to reach a new all-time high (ATH).

Boone reiterated a market ‘Outperform’ rating for GOOGL stock, according to a note sent to clients on August 26. He also maintained the firm’s 12-month price target for Alphabet share price at $515.

With GOOGL price trading at $346.97 during Wednesday’s pre-market session, Boone suggests a potential 48.43% upside. This firm justified this significant upside by pointing to the company’s projected earnings growth, noting that the target is…