Citizens downgrades Google's parent company rating, sets no target price.

BlockBeats news, October 29: Following the release of its Q3 report, Citizens downgraded Alphabet from "Outperform" to "Market Perform," without setting a price target.

The firm stated that although Alphabet's query growth reached a five-year high, monetization appears to be facing challenges, while the search business is up against tough year-over-year comparisons.

Citizens believes that effectively transitioning monetization from AI Overviews to agentic tools will require execution. With competition intensifying in agentic tools, the firm sees Google as "facing significant execution risk in the search monetization transition."