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A Good-News Trifecta for Alphabet's Google

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it's a good day to be Google parent company Alphabet (GOOGL) , and certainly a shareholder.

Alphabet received an out-of-the-gate one-year price target upgrade on Tuesday from Citi analyst Jason Bazinet, who took over coverage this week with a buy rating on the stock but boosted his 12-month price target to $1,500 from $1.450 on what he sees as a few key positives for the company - namely its regulatory battles being behind it, and some good opportunities for operating leverage to improve. 

Meantime, Piper Jaffray also gave Alphabet the nod on Tuesday, kicking off coverage with an overweight rating on what it expects to continue to be a positive shift in the advertising landscape to online from offline - something that invariably can't be bad news for a company like Google.

On top of that, contributor Michael Wiggins De Oliveira wrote on Monday that Alphabet is looking like a stock to watch, based on a "rare combination of strong growth backed by strong profits, very high returns on invested capital and a strong repurchase plan in place. And its stock is too cheap to be ignored for much longer." 

"Investing is never easy and there are no certainties. But Alphabet has a unique combination of strong growth, a rock-solid balance sheet, and best of all a stock that's still cheap."

Shares of Alphabet were down 0.3%, or $3.86 a share, at $1.285 in premarket trading on Tuesday. The stock ended the trading day Monday down 1.17%, or $15.23 a share, at $1,288.86.

Alphabet is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

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