J.P. Morgan has raised the price target for Alphabet stock to $ꦜ2🌺,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. 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 to benefit l🌜ong-term.

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

“൩And it has an attractive combination of top-line scale, growth and margins, supporting our view that valuation remains attractive at 27 times our 20🐎22 estimated Alphabet GAAP earnings per share, or 22 times our 2022 estimated GAAP earnings per share excluding cash and other bets.”