Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report share-price target was boosted to $2,000 from $1,725 by an analyst at Robert W. Baird & Co., who saw positive signs in the latter part of 2020 and favorable indications for the new year.
Shares of the Mountain View, Calif., advertising, search and cloud giant at last check were little changed at $1,738.59.
Analyst Colin Sebastian, who keeps an outperform rating on Alphabet, said the company benefited from "strong" e-commerce trends through much of the holiday shopping season, and digital-advertising visibility in 2021 is improving, according to The Fly.
Sebastian said the company also faces easier year-over-year comparisons next year, and should benefit from an expected recovery in travel, recreation and automotive ads.
The analyst said he saw a "favorable outlook for 2021." Further, Sebastian does not expect "game-changing" penalties to be assessed at the company from regulation.
Earlier this month, 38 state attorneys general filed a lawsuit against Google, charging that the tech giant maintains monopoly power over search engines and search advertising markets through anticompetitive contracts and conduct.
In addition, 10 Republican state attorneys general filed a separate lawsuit against Google in federal court in Texas, accusing the company of illegally stifling competition in the advertising technology market.
The U.S. Department of Justice filed also filed an antitrust case against the company.
In October, Alphabet reported stronger-than-expected third-quarter profit and revenue. The company earned $11.25 billion, or $16.40 a share, in the quarter, compared with $7.07 billion, or $10.12 a share, in the year-earlier quarter.
Revenue reached $46.17 billion from $40.5 billion.