Baird analyst, Colin Sebastian, reiterated his Outperform rating on shares of Alphabet (NASDAQ: GOOGL) and raised his price target to $1,150 from $1,100 after core mobile and desktop search, Cloud services and phenomenal growth from YouTube drove both top and bottom line upside.

The analyst stated "While TAC growth continues to outpace accelerating advertising growth, management acknowledged on the call an impact from revised partner agreements (likely Apple/Safari), which we had highlighted in prior research. Overall, results reinforce our positive view, in particular the company’s ability to adapt quickly to changing Internet, advertising and commerce trends, leveraging advanced AI/machine learning".

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Shares of Alphabet closed at $991.42 yesterday.