Here's what Wall Street is saying after Google's strong third-quarter earnings

Google's parent company Alphabet beat Wall Street's expectations for its third quarter earnings Thursday, aided by its mobile and video ad businesses. While stock initially shot up 3% in after hours trading, it quickly leveled off and is up only about 1% Friday morning.

Net revenue was up 21% year over year and EPS exceeded estimates - $9.06 adjusted versus analysts expectations of $8.64 per share. The tech giant also announced a $7 billion stock buyback, only the second time Google has authorized a stock repurchase. It's larger than the $5 billion buyback the company announced last year.

In more good news for Alphabet, the majority of analysts remain bullish on the company, with some even bumping their price targets well above $1,000.

Here are some of the key takeaways from those who cover the stock: