NEW YORK (TheStreet) -- Shares of Alphabet (GOOGL) - Get Report are advancing 4.59% to $801 in pre-market trading on Friday, after beating analysts' estimates for its fiscal 2016 second quarter earnings and revenue on Thursday. 

After the market close, Alphabet reported earnings of $8.42 per share on revenues of $21.5 billion, vs. analysts' estimates of $8.04 per share on revenues of $20.76 billion. 

Google advertising revenues rose 19% year-over-year from last year.

As a result of a "very clean quarter" with revenue growth and margin expansion, JMP raised the company's price target to $928 from $904 with a "market outperform" rating. 

"We emerge from Alphabet's second quarter encouraged with the overall results and feel the newer ad products launched on its revamped AdWords platform can lead to continued strong growth going forward," the firm wrote in the analyst note. 

Alphabet is also well-positioned for the future with its "exposure to mobile, search, video, and programmatic, all of which are core Internet growth drivers," JMP said. 

Alphabet is a Mountain View, CA-based tech company that is the parent company to Google (GOOGL). 

(Alphabet is a core holding in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate ALPHABET INC as a Buy with a ratings score of B+. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

You can view the full analysis from the report here: GOOGL

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