J.P. Morgan has raised the price target 🥂for Alphabet stock to $2,575 from $2,390, citing the company’s fundamentals.

The advertising industry was hit especially hard in the early days of the pandemic. Like many companies, Google’s parent initially faced challenges and uncertainty as a result. Adver♐tising has since rebounded, and Alphabet has been aggressively diversifying into other business, especially cloud computing.

According to , J.P. Morgan analyst Dou♐g Anmuth believes those fundamentals put the the company in a good position to benefit long-term.

“We remain positive on Alphabet, as we believe it is well positioned across ads, clouds, and ♏a number of other key initiatives to both drive and benefit from long-term digital trends,” Anmuth wrote.

“And it has an attractive combination of top-line scale, growth and margins, supporting our view that valuation remains attractive at 27 times our 2022 estimated Alphabet GAAP earnings 🥂per share, or 22 times our 2022 estimated GAAP earnings per share excluding cash and other bets.”