• The current rally in GOOGL is helping offset the ongoing decline in META shares.
• Barclays noted the company’s "best-in-4-years" growth and margins for nearly all its business units. 
• Q1 total revenue rose 22% to $109.9 billion, ahead of the analyst consensus of $107 billion; earnings per share (EPS) of $5.11, significantly beating the $2.63 estimate.

Class A shares of Alphabet Inc.(GOOGL) are on track to open at a new all-time high on Thursday as the U.S. tech giant impressed Wall Street with its stellar first-quarter earnings report. Along with blowout results, the company also raised its quarterly dividend by 5% to $0.22 per share.

The current rally in the “Magnificent Seven” darling is lifting the tech-heavy NASDAQ index and offsetting the drag from Meta Platforms (META).

At the time of writing, GOOGL stock was up 6.3% to $369.14 in premarket trading, and at least nine analysts had raised their price targets on the company.

Analyst Sees ‘Full Stack’ Advantage Paying Off

Barclays analyst Ross Sandler raised his price target on GOOGL by $45 to $405, implying an upside of nearly 16% as of Wednesday’s close, and maintained his ‘Overweight’ rating.

According to a report by TheFly, Barclays said Alphabet has an "incredible position across the entire AI stack," which drove "best-in-4-years" growth and margins for nearly all its business units. 

The company’s ability to control its AI infrastructure, from models to cloud to accelerators, helped generate excess returns for its core Search and Cloud units, the Barclays analyst told investors in a research note, per TheFly.

GOOGL Price Targets Hiked

Citi raised its price target by $42 to $447, about 28% upside, and stuck with its bullish rating, noting that AI is expanding search and cloud demand and that the company is posting margin expansion, TheFly reported.

Bank of America raised its price target by $60 to $430, about 23% upside; while Stifel upped it by $33, to $420, over 20% upside, among other analysts.

Of the 66 analysts covering the GOOGL stock, 59 have rated it a 'Buy' or higher and seven a 'Hold,' as per Koyfin data.

GOOGL Stock: How Did Retail Traders React? 

On Stocktwits, retail sentiment about GOOGL turned ‘extremely bullish’ from ‘bullish,’ while message volumes turned ‘extremely high’ from ‘high’ over the last 24 hours.

One user on the platform thinks the stock deserves to rise by up to 20%.

Another user thinks the company will be the first to hit a $10 trillion market cap.

GOOGL has outperformed the benchmark S&P index so far this year and over the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: BE Stock Saw A Barrage Of Price Target Hikes Today Following Stellar Q1 — One Analyst Raised It By A Whopping 134%