Alphabet shares have been rallying steadily for five years, an upward march that may face little resistance in the U.S. But Europe is another story.
Wall Street is more bullish on Google's parent than any other major technology company, with 92 percent of analysts recommending investors buy the stock, according to FactSet. Even with revenue last year nearing $75 billion, growth in 2016 is expected to accelerate.
The most vocal skeptic of late is Guggenheim Securities' Jake Fuller, one of four analysts who advise holding the stock. Fuller initiated coverage of Alphabet in March with a neutral rating, citing "under-appreciated regulatory risk" tied to the European Commission's year-long probe of anti-competitive practices on Android devices, as well as a separate investigation into how Google's search engine handles shopping queries.