The Alphabet (NASDAQ:GOOGL) price target was raised to $170 from $153 by Argus on Friday, with analysts maintaining a Buy rating on the stock.
Analysts see Alphabet as one of the tech industry's leaders, along with Facebook, Apple, Amazon, and Microsoft.
"These companies have come to dominate new developments in mobile, public cloud, and big data analytics, as well as emerging areas such as artificial intelligence, virtual/augmented reality, and even quantum computing," wrote the analysts.
Analysts also noted that the tech giant announced the release of Gemini, a new advanced AI model that the company touts as more powerful than the currently most advanced AI models.
While Alphabet has often been criticized as a Johnny-one-note for its dependence on digital advertising, the rapid growth of Google Cloud has begun to diversify the company's revenue," added the analysts. "Alphabet remains at a minimum competitive if not a leader in the development of generative AI, perhaps the new computing paradigm."
"We remain positive on Alphabet's underlying businesses and believe that GOOGL shares are attractively valued."