Analyst Rating Updates For Alphabet Following Earnings Blowout

Alphabet Inc Class C GOOG and Alphabet Inc Class A GOOGL shares are both trading higher by 5% after the tech company reported better-than-expected first-quarter EPS and sales results. Alphabet also announced a $50 billion Class C Capital Stock buyback.

A number of analyst rating updates followed the earnings beat:

• Keybanc analyst Justin Patterson maintains Alphabet with an Overweight and raises the price target from $2625 to $2681.
• Needham analyst Laura Martin maintains Alphabet with a Buy and raises the price target from $2500 to $2700.
• Barclays analyst Ross Sandler maintains Alphabet with an Overweight and raises the price target from $2500 to $3000.
• Raymond James analyst Aaron Kessler maintains Alphabet with an Outperform and raises the price target from $2440 to $2750.
• Oppenheimer analyst Jason Helfstein maintains Alphabet with an Outperform and raises the price target from $2350 to $2510.
• JMP Securities analyst Ronald Josey maintains Alphabet with a Market Outperform and raises the price target from $2400 to $2850.
• Wells Fargo analyst Brian Fitzgerald maintains Alphabet with an Overweight and raises the price target from $2650 to $2850.
• Credit Suisse analyst Stephen Ju maintains Alphabet with an Outperform and raises the price target from $2500 to $2755.
• Mizuho analyst James Lee maintains Alphabet with a Buy and raises the price target from $2600 to $2800.

Alphabet is a holding company, with Google, the Internet media giant, as a wholly-owned subsidiary. Google generates a majority of Alphabet revenue, of which around 85% is from online ads.

Google's other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud service fees and other licensing revenue. Sales of hardware such as Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home also contribute to other revenue. 
Investors looking for exposure to Alphabet via an ETF should know the FAANG company can be found in the SPDR S&P 500 ETF Trust SPY, Invesco QQQ Trust Series 1 QQQ and ProShares UltraPro S&P500 UPRO.