Shares of the Mountain View, Calif., closed Wednesday up 5% to $2,924.35.
Alphabet said revenue rose by 41% to $65.12 billion, exceeding an estimate of $63.34 billion predicted by analysts surveyed by Refinitiv. Net income came to $18.93 billion for the quarter with earnings per share of $27.99, beating estimates of $23.48.
BMO Capital Markets analyst Daniel Salmon, who has an outperform rating on the stock, raised his price target to $3,200 from $3,000, nothing that "higher search revenue & margins continue to push our estimates and target higher."
"Despite a high bar of expectations this quarter, we think risk/reward continues to tilt positive," Salmon said, adding that "GOOGL should prove resilient owing to YouTube’s leadership in CTV and the continued emergence of Cloud."
Jefferies analyst Brent Thill raised his price target on Alphabet to $3,500 from $3,325, saying the company's "massive and diverse audience reach, combined with a wide portfolio of ad channels, drove another strong qtr at scale ($65B, or 41% growth at 39% op mgn (off net rev)."
Thill, who kept his buy rating, said Identifier for Advertisers or supply chain issues "were small enough to be viewed as immaterial."
Wedbush's Ygal Arounian kept his outperform rating while boosting his price target to $3,530 from $3,424.
"The only things to pick at in the print are that YouTube and Cloud results were essentially in line," he said. "This is by far the strongest overall results within digital advertising in 3Q in our view, with Search coming out as the clear beneficiary from Apple's ATT (App Tracking Transparency), and the least exposed to mobile tracking and measurement issues."
Arounian said that Google "has been ahead of the curve in terms of privacy and we see Search as well-positioned to lead there."
Canaccord Genuity analyst Maria Ripps, who has a buy rating on Alphabet, raised her price target to $3,350 from $3,100.
"Despite investor concerns following underwhelming results from Snap and Facebook over the past week," Ripps said. "Google appears to be withstanding privacy changes more effectively as its ownership of the Android operating system and significant trove of first-party data largely insulate it from disruption."