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

The adver🐽tising 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. Advertising has since rebounded, and Alphabet has been aggressively diversifying into other business, especially cloud computing.

According to , J.P. Morgan analyst Doug Anmuth believes those fundamentals put the the company in a good position t𓂃o 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 d🥀rive and benefit from long-term digital trends,” Anmu🦩th wrote.

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