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Monday after the close Alphabet (GOOGL) - Get Alphabet Inc. Class A Report (GOOG) - Get Alphabet Inc. Class C Report reported earnings.

Already up about 26% on the year, some were worried that the stock may be a little ahead of its skis going into the results. Well, Alphabet topped earnings per share and revenue estimates and turned in what many considered to be a pretty good report.

The company's EU fine cut operating income in half, but given that its impact was already known, investors weren't shook by the results. Instead, higher spending might be more of a concern. After climbing 2.3% over the past five trading sessions, GOOGL stock is down a 2.75% in Tuesday's premarket session.

Of course, analysts were quick to weigh in. Oppenheimer's Jason Helfstein called it a "mixed Q2," but acknowledged that Alphabet has plenty of growth opportunities remaining. In fact, much of that spending is required for those growth outlets, he reasoned, reiterating his outperform rating and $1,050 price target.

JPMorgan's Doug Anmuth actually raised his price target to $1,115, calling Alphabet's second quarter "solid" despite the increased costs. Citigroup's Mark May also raised his price target to $1,115 after the "strong" quarter and believes GOOGL stock still has a reasonable valuation.

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Not all the analysts were on the bull train, though. Credit Suisse's Stephen Ju lowered his price target to $1,100 from $1,150. While Ju may have lowered his price target, it's important to note that he's not necessarily bearish. Ju not only maintained his outperform rating on Alphabet, but his lowered price target still implies about $130 per share in upside from GOOGL's premarket price, or about 13.5%.

All in all, it may not have been a perfect quarter from Alphabet. But that said, it wasn't a terrible one and certainly not one that would justify investors and funds liquidating their holdings in the name. Thus, analysts are rallying behind it and shares are down ever-so-slightly.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.