'Cloud killin' it': Wall Street is raving about Alphabet's monster quarter. Here's what top analysts are saying.

Price Target: Increased to $1,425, from $1,420

Rating: Buy

"Looking out long term (especially when risk/reward is measured against YTD underperformance), we reiterate our Buy rating and see all long-term drivers solidly intact (AI/machine learning, local advertising, media consumption, cloud computing, hardware & Other Bets)," the analyst Eric Sheridan said in a note to clients on Friday.

He continued: "We see continued momentum in Google Cloud, product innovation (both consumer & advertiser) and another hardware cycle as all supportive of strong growth ahead."

Price target: Increased to $1,425, from $1,300

Rating: Outperform

"We believe the company's investments in Ads innovation, Cloud, Hardware, Internet-connected Homes & Autonomous Vehicles help set the company up for more years of premium growth & profits," Mark Mahaney, an analyst, said in a research note to clients on Friday.

Mahaney minced no words when praising Alphabet, even going as far as to title a section of his report "Cloud Killin' It."

Price target: Increased to $1,450, from $1,350

Rating: Buy

"Call commentary suggests Google is confident about the ongoing opportunity set and momentum in revenue growth aided by artificial intelligence / machine learning (AI/ML) innovation," a team of analysts led by Justin Post said in a note to clients on Friday.

The team added: "We continue to be optimistic on medium-term benefit from machine learning on usage and ad targeting, revenue potential driven by new opportunities(Google cloud and Waymo), and relatively undemanding core Google valuation."

Price target: Increased to $1,425, from $1,400

Rating: Buy

"We continue to believe Alphabet has the best mix of human, technological, and financial capital, regardless of quarterly volatility," Michael Morris, an analyst, said in a note to clients on Friday.

He added: "Though we see a breakup of the business as unlikely, we consider Alphabet a collection of attractive businesses (search, YouTube, advertising infrastructure, cloud) that would likely thrive if operated separately."