Could Google parent Alphabet GOOGL be heading to $3,000 a share?
At least one analyst thinks so, following the company's blockbuster fourth-quarter earnings, which exceeded all forecasts by a wide margin and sent the company's stock price toward a new all-time high.
Alphabet jumped more than 7% following a raft of upgrades from Wall Street analysts, who lifted their price targets for the stock after the Mountain View, Calif., company reported better-than-expected fourth-quarter earnings and sales and hinted at even better things to come for the internet search engine and cloud computing giant.
Most notable was Susquehanna analyst Shyam Patil, who lifted his one-year price target on Google to a Street high of $3,000 from $2,000.
Jefferies analyst Brent Thill lifted his price target to $2,400 from $2,150 amid what he sees as strong growth in retail advertising, particularly on YouTube, even as operating margins rang in lower than expected, and as cloud growth trailed rival MicrosoftMSFT.
Other analysts including Morgan Stanley's Brian Nowak, J.P. Morgan's Doug Anmuth and Guggenheim's Michael Morris also lifted their respective one-year price targets on Alphabet amid what a general consensus that the company has more revenue and earnings potential ahead.