Alphabet had a massive quarter, and everyone thinks the stock is going well above $1,000

Rating: Overweight

Price target: $1,100

Comment: "We believe the key to medium-term stock performance will be Alphabet's strategic position in video and how effectively it attacks the brand advertising market. Over the next 1-2 years, we believe YouTube's video efforts will expand its base of quality brand ad inventory and allow it to encroach on the market share of traditional TV networks (which are seeing massive declines in engagement)."

Rating: Overweight

Price target: $1,115

Comment: "We believe Alphabet’s fundamentals are strong and that the company will remain a primary beneficiary of the secular shift to online spending. We think it’s still relatively early in Alphabet’s monetization of mobile search ads, and we expect mobile pricing to converge toward desktop levels over time due to greater targetability, including location-based attributes, and improving conversion rates. We also believe that YouTube will capture more video dollars shifting online and that Google Play strength will continue."

Rating: Buy

Price target: $1,100

Comment: "The company continues to cite mobile and programmatic as drivers of overall increases in TAC, which we believe will likely continue to increase in absolute terms and as a % of revenue for the foreseeable future. However, we continue to view Alphabet as exposed to some of the best secular trends within tech, including mobile search, YouTube, and enterprise cloud computing, which we expect to become a bigger part of the thesis over time."

Rating: Buy

Price target: $1,180

Comment: "While growth was slightly below some expectations and margins declined y/y, growth was still strong on a large base, EPS exceeded expectations, and commentary about new opportunities (e.g., cloud) suggest continued high growth and progress."

Rating: Outperform

Comment: "Despite investors likely focusing on declining margins year-over-year, we believe that share price appreciation should at least match EBITDA growth (we estimate 20% growth in fiscal 2018) going forward. Moreover, growth in YouTube and search remains strong, and incremental commentary on Google Cloud is encouraging."

Rating: Overweight

Price target: $1,060

Comment: "Google reported solid results with revenue & EPS 2% and 14% above consensus, but a tad shy of the heightened buyside expectations. The mix shift to faster-growing low- margin businesses, and the likely decelerating growth in desktop search (the primary profit pool) is challenging for Google to manage, hence we expect margins to continue to contract, but OI dollars & EPS to grow 15%-20% for the foreseeable future. "

Rating: Outperform

Price target: $1,100

Comment: "While TAC continues to increase with the shift toward mobile platforms and programmatic advertising channels, we note that expenses appear to be under control, even as management commits resources to newer growth opportunities..."