In a research report released Friday, Oppenheimer analyst Jason Helfstein reiterated an Outperform rating on shares of Alphabet Inc (NASDAQ:GOOGL) while raising the price target to $1000 (from $970), after the internet giant delivered strong third-quarter results, topping expectations with reported revenue of $22.45 billion, or $7.25 per share. Alphabet shares are up 1.5% to $105.15 in pre-market trading Friday.

Helfstein noted, “Following strong 3Q results, we are maintaining our Outperform rating and increasing our target from $970 to $1000. GOOG continues to benefit from the same trends: demand for mobile clicks driven by improved ad formats, YouTube ads and shift to programmatic (Double-Click). Google Cloud is now the fastest growing unit, and we expect increased investor focus in 2017. Meanwhile, we see no material signs of share loss to FB, with GOOG gaining from YHOO/MSFT and other search players. Our sum-of-the parts target assumes 13x ‘17E core-Search EBITDA and $67B for YouTube.”

“Increasing ’17E net revenue by 4% on higher Google and Other Bets, slightly offset by a modest increase in TAC to account for YT. Increasing ’16E/’17E EBITDA by 1%/5% on higher core-Google (’16E) and lower Other Bets losses (’16E/17’E),” the analyst added.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Helfstein has a yearly average return of 8.4% and a 56% success rate. Helfstein has an 9.8% average return when recommending GOOGL, and is ranked #169 out of 4188 analysts.

Out of the 45 analysts polled by TipRanks, 44 rate Alphabet Inc. stock a Buy, while 1 rates the stock a Sell. With a return potential of 15.3%, the stock’s consensus target price stands at $942.46.