UBS raises Alphabet price target after the Google-parent tops $1 trillion: 'Still a cheap stock?'

Sundar Pichai, chief executive officer at Google LLC, speaks during the Google Cloud Next '19 event in San Francisco, California, U.S., on Tuesday, April 9, 2019.
Michael Short | Bloomberg | Getty Images

UBS raised its price target for Google-parent company Alphabet, a day after the technology giant surpassed $1 trillion in market capitalization.

The firm sees Alphabet's stock climbing more than 15% this year. That would see Alphabet gain ground toward becoming the most valuable U.S. company, as it would near the market cap's of Apple ($1.38 trillion) and Microsoft ($1.27 trillion). While Apple was the first to surpass the $1 trillion mark in 2018, Microsoft and Amazon soon followed – although Jeff Bezos' company has since slid to $931 billion.

UBS analyst Eric Sheridan focused on the expected growth of Alphabet's cloud computing business in his note to investors on Friday, leading him to ask the question: "Is GOOG still a cheap stock?"

Alphabet shares rose 0.5% in trading from its previous close of $1450.16 a share.