@vinaysimha: this no longer works actually. Using 'text' in bootargs is the old method that worked ~1.5 year ago before we started using systemd in our Debian (or Ubuntu) builds.
You can set the boot target in the bootargs but instead of 'text' you need to add 'systemd.unit=multi-user.target' instead.
Once the system is started , if you want to start the GUI, you can run:
systemctl isolate graphical.target